Lesson 1
A business owned and operated by a single person.
Sole Proprietorship
A type of business organization owned by many people but treated by law as though it were in person.
Corporation
Association of workers organized to improve wages and working conditions.
Labor Union
When management closes a workplace to prevent union members from working.
Lockout
The obligation businesses have to pursue goals that benefit society as well as thenselves.
Social Responsibility
The money used to run or expand a business.
Financial Capital
A government document granting permission to organize a corporation.
Charter
State laws forbidding unions from forcing workers to join.
Right-to-Work Laws
A court order to stop some kind of action.
Injunction
An organization established by a company or an individual to provide money for a particular purpose, especially for charity or research.
Foundation
The legal responsibility for something such as an action or a debt.
Liability
The people elected by the shareholders of a corporation to act on their behalf.
Board of Directors
The process by which unions and employers negotiate the conditions of employment.
Collective Bargaining
Something that is chosen; a choice.
Option
Very important, especially for its effect on something.
Crucial
A business owned by two or more people.
Partnership
A company that has permission to sell the supplier's goods or services in a particular area in exchange for a sum of money.
Franchise
When workers deliberately stop working to force an employer to give in to their demands.
Strike
Situation in which union and company officials bring in a third party to try to help them reach an agreement.
Meditation
To make something known.
Reveal
To explain; make something more understandable.
Clarify
A business that does not intend to make a profit from the goods and services it provides.
Nonprofit Organization
A union tactic in which striking workers walk with signs that express their grievances.
Picketing
A situation in which union and company officials submit issues that cannot be agreed on to a neutral third party for a final decision.
Arbitration
The process of making business deals or conditions more visible to everyone.
Transparency