5.7 Labor Unions
This is an organized work stoppage.
Strike
This is a business owned and managed by a single individual.
Sole Proprietorship
This is a business owned by two or more people who agree on a specific divisions of responsibilities and profits.
Partnerships
This is a certificate of ownership in a company
Stock
When two or more firms involved in different stages of producing the same good or service join together. What has happened?
Vertical Merger
These type of workers typically perform manufacturing jobs think plumber.
blue collar workers
This is the legal obligation to pay debts?
Liability
This is a semi-independent business that pays fees to a parent company in return for the exclusive right to sell a product or service in a given area.
Franchise
This type of corporation restricts ownership of its stock to only their employees.
Private Corporation
This business practice, has an employer contract with another company to do a specific job that might otherwise have been done by the employer's own workers.
Outsourcing
This is the process by which a company and union management meet to negotiate a new contract.
Collective Bargaining
These are payments to employees excluding wages and salary. Think a nice vacation.
Fringe Benefits
These are a share profits paid by a franchisee to the franchiser.
Royalties
When two or more competing firms in the same market producing the same good or service join together what has happened?
Horizontal Merger
This is the movement of some of a company's operations or resources of production to another country.
Offshoring
These laws ban mandatory union membership
right-to-work laws
Local governments authorize, these allowing businesses to operate. A salon would need one of these to operate in Florida.
Business license
In this type of business arrangement all partners have full responsibility and liability.
General Partnership
These are profits from corporations paid to shareholders.
Dividends
This is a legal entity owned by individual stockholders each of whom has limited liability for the firm's debts.
Corporations
This is a settlement technique in which a neutral individual meets with each side to try and find a solution that will be accepted.
Mediation
In this type of partnership there are no general partners. This arrangement is commonly used in private medicine.
Limited liability partnership
This is a type of corporation that sells stock on the open market.
Publicly Held Corporation
or Public Corporation
This effect, states that earning potential increases with education level.
Learning effect