Economics Chapter 7 And 8

Front 1

Sole Proprietorship

Back 1

When just one person does everything for a company or business.

Front 2

Advantages of Sole Proprietorship

Back 2

ease of start up
full ontrol, and
exclusive rights to profits.

Front 3

Zoning Laws

Back 3

Specific places u can build a business or one can be active in a city or country

Front 4

Limited Partnership

Back 4

partners join as investors who provide financial capital in exchange for a share of the profits.

Front 5

Partnership

Back 5

a business that is owned and controlled by 2 or more ppl

Front 6

General Parnership

Back 6

partners enjoy equal decision-making authority. Unlimited liability.

Front 7

Advantages of Partnership

Back 7

ease of start up
specialization,
shared decision making, and
shared business losses

Front 8

Disadvantages of Partnerships

Back 8

unlimited liability
potential for conflict, and
lack of longevity

Front 9

Corporations

Back 9

legally distinct from their owners and are treated as if they were individuals.

Front 10

Corportate Charter

Back 10

permits the formation of the new corporation. reviewed and ok'd by the state officals.

Front 11

Stock

Back 11

represents owenership of the firm.

Front 12

Shares

Back 12

The ownership of stock is represented in portions known as shares.

Front 13

Dividends

Back 13

The profits paid to you as a shareholder

Front 14

Corporate Bond

Back 14

is a certificate issued by a corporation in exchange for money borrowed from an investor.

Front 15

Interest

Back 15

is the amount that the borrower must pay for the use of those funds.

Front 16

Merger

Back 16

occurs when one company joins with or absorbs another.

Front 17

Horizontal

Back 17

A merger between two or more companies producing the same good or service.

Front 18

Vertical

Back 18

A merger between two or more companies involved in different production phases of the same good or service.

Front 19

Conglomerate

Back 19

A merger of companies producing unrelated products.

Front 20

Subsidiaries

Back 20

When one company takes over multiple stores but they stay under their own name/

Front 21

Cooperatives

Back 21

businesses that are owned collectively by their members.

Front 22

Nonprofit

Back 22

works in a businesslike way to provide goods and servcices while pursuing other goals

Front 23

Labor Force

Back 23

includes all people who are at least 16 years old and are working or actively looking for work.

Front 24

Wage

Back 24

the hourly, weekly, monthly, or yearly pay that a worker receives in exchange for his or her work.

Front 25

Intrinsic Rewards

Back 25

are nonmonetary reasons for working at a particular job.

Front 26

Derived Demand

Back 26

demand for workers and other resources is derived, or follows, from the consumers demand for the good.

Front 27

Affirmative Action

Back 27

the making up for patterns of discrimination against women, members of minority groups, and others who were traditionally disadvantaged in the workplace.

Front 28

Minimum Wage

Back 28

teh lowest hourly wage an employer legally can pay a worker for a job.

Front 29

Labor Union

Back 29

an organization of workers that negotiates with employers for better wages, improved working conditions, and job security

Front 30

Open

Back 30

in which workers did not have to join a union

Front 31

Closed

Back 31

workers could only be hired if they first joined a union.

Front 32

Fringe benefits

Back 32

nonwage payments, commonly including paid sick days, holidays, and vacation days, life and health insurance, and savings and retirement plans.

Front 33

Seniority

Back 33

the holding of privileges based on the number of years a worker has been employed by a firm.

Front 34

Collective Bargaining

Back 34

union and management representatives meet to discuss their goals and offer solutions and compromises.

Front 35

Mediation

Back 35

negotiators call in a neutral third party, to listen to the arguments of both sides and to suggest ways in which an agreement can be reached.

Front 36

Arbitration

Back 36

calls for the assistance of a mediator to arrive at a contract.

Front 37

Primary Boycott

Back 37

is an organized effort to stop purchases of a firm's products.

Front 38

Secondary Boycott

Back 38

is a refusal to buy the goods or services of any firm that does business with a company whose employees are on strike.

Front 39

Coordinated Campaigning

Back 39

which involves the use of picketing as well as boycotts.

Front 40

Lockouts

Back 40

occurs when an employer closes a company's doors to striking workers until negotiators reach a contract agreement that is satisfactory to management.

Front 41

Injunctions

Back 41

court order.