Econ Chapter 3 Vocab

written government approval to establish a corporation, name, address, purpose of businsess...

total amount of new funds the business generates from operations

report showing a business's sales, expenses, and profits for a certain period

process of negotiation between union and management over pay/benefits & job related matters

combination of two or more firms producing the same kind of product

business owned and operated by 2 or more people share the profits and have unlimited liability

nonprofit association performing some kind of economic activity for the its members

stock of goods held in reserve waiting to be sold

payment made for the use of borrowed money, usually paid at periodic intervals

court granted permission to an individual / business to cease delay payment on some or all debt

business sponsored nonprofit org. providing info. on local companies to consumers

amount borrowed when getting a loan or issuing a bond

person who owns a share or shares of stock in a corporation

measure of business profits determined by subtracting all expenses including taxes from revenue

form of partnership where one or more partners are not active in the daily business

business owned and run by a single person who has rights to all profits and debts of the firm

firm with four or more businesses making unrelated products

requirement that a business owner is personally and fully responsible for all losses and debts

combination of two or more business enterprises to form a single firm

organization that works for its member interest concerning pay/hours/benefits

nonprofit org. of specialized workers seeking to improve professional skills/ public perception

nonprofit service cooperative accepts deposits, makes loans, and provides financial services

form of business organization recognized by law as a separate legal entity

certificate of ownership in a corporation, two types are either common or preferred

economic institution that operates like a business but does not seek financial gains

nonprofit organization of local business hose purpose is to promote their interests

gradual wear on capital goods during production

formal contract to repay borrowed money and interest on the borrowed money

corporation producing /selling without regard to national boundaries located in other countries

company providing essential services like water, electricity with some govt. regulations

combination of firms involved in different steps of manufacturing or marketing

check paid to stockholders, usually quarterly, representing portion of corporate profit

a situation in which a firm legally ceases to exist when owner dies, quits or new owner added