Labor
members work at different jobs in the same trade
industrial union
negotiating pay, etc with management as a group is called
collective bargaining
the cost of borrowing money
interest
this theory says higher wages happen when you have a higher education because people think you are more qualified even if the degree has nothing to do with what you are doing
signaling theory
4 of more businesses that make unrelated products are called
a conglomerate
a 3rd party helping to solve a conflict
mediation
mass refusal to do business with a company
boycott
payment made to shareholders of a company's profits
dividend
According to wage theory, when demand for a skill is high but the supply of workers with that skill is low, what will happen to the wage paid
It will go up
Name an advantage of a sole proprietorship
easy start up, own boss, keep all the profit
invisible barrier that keeps women and minorities from advancing in a business
glass ceiling
a way for an individual employee to express a complaint to their employer
grievance procedure
Initial amount invested or borrowed
principal
when a nonprofit makes money, how should it use it?
for the cause/work
Give an example of a nonprofit organization
school, churches, some hospitals, etc.
a 3rd party makes a binding decision in the conflict of two other parties
arbitration
court order that forces a party to do or to stop taking a certain action
Injunction
raising money through small amounts of money from a lot of people
Crowdfunding
when new employees are paid on a different lower wage scale than workers who have been with the company longer
two-tier wage system
buying bulk goods for members
consumer cooperative
when union membership is required in order to be hired
closed shop
freedom to choose whether or not to join a union
right to work
depreciation
Organization that provides info about businesses in order to help consumers make informed decisions
Better Business Bureau
A credit union is a service cooperative because
It provides a service at a discounted rate for its members