Business and Labor ch.8 & 9 Economics PCM

A measure that bans mandatory union membership

The ownership structure of a company or firm

owned by two or more persons who agree on a specific division of responsibilities and profits

All nonmilitary people who are employed or unemployed

The theory that the completion of college indicates to employers the applicant is qualified

business with limited liability forthe owners w/ the advantage of notpaying corporate incometax

The theory that education increases efficiency of production and thus results in higher wages

Payments to employees other than wages or salary

a promise to repay borrowed money with interest at fixed intervals

The share of earnings given by a franchisee as payment to the franchiser

Work that requires advanced skills and education

business that pays $ to a company in return for the right to sell a product/service in a area

Work that requires specialized skills and training

A type of partnership in which all partners are limited partners

The money and other valuables belonging to an individual or business

A temporary and part-time job

A certificate of ownership in a corporation

Authorization to operate a business issued by a local government

A partnership agreement that spells out each partner’s rights and responsibilities

The legal obligation to pay debts

A type of partnership in which all partners share equally in both responsibility and liability

contracting with another company to do a job that could be done by a company’s own workers

labor force from another country who are allowed to live and work in the U.S only temporarily

Someone who performs manual labor, often in a manufacturing job, and who earns an hourly wage

A large corporation that produces and sells its goods and services in more than one country

Someone who works in a professional or clerical job and who usually earns a weekly salary

The wage rate that is set when the supply of workers meets the demand for workers in the market

A type of demand that is set by the demand for another good or service

Two or more firms involved in different stages of producing the same good or service

Work that requires minimal specialized skills and education

business combination merging more than 3 businesses that produce unrelated products/services

A type of partnership in which only one partneris required to be a general partner

The quantity of output produced by a unit of labor

The movement of some of a company’s operations to another country

organization of workers that improves working conditions, wages, and benefits for its members

 this functions much like a business, but does not operate for the purpose of generating profit

A license to form a corporation issued by a state government

A business owned and managed by a single individual 

Laws in a city or town that designate certain areas or zones, for residential & business use

thirdparty listens to both sides and makes decision for both the company/union, legally binding

Work that requires no specialized skills,education, or training

An organized work stoppage intended to force an employer to address union demands

A business organization owned and operated by a group of individuals for their shared benefit

The process in which union and company management meet to negotiate a new labor contract

The portion of corporate profits paid out to stockholders

a neutral person meets with each side to try to find a solution that bothsides will accept

An unofficial barrier that preventswomen/minorities from advancing infirms dominatedby whitemen

The practice of negotiating labor contracts thatkeep unnecessary workers on a company’s payroll

A legal entity owned by stockholders, each of whom has limited liability for the firm’s debts

The combination of two or more firms competing in the same market with the same good or service