Vocab
A business owned by one person is called a what?
What is a sole proprietorship?
What do we call the person who starts and runs their own business, often taking big financial risks?
Who is an entrepreneur?
What term describes the supply of workers and the demand for jobs?
What is labor market?
What is a group of workers who unite to bargain for better pay and working conditions called?
What is a labor union?
What do workers do when they temporarily stop working to demand better work conditions?
What is a Strike?
a business organization owned by two or more persons who agree on division of responsibilities and profits.
What is a partnership?
When two or more people agree to share profits, responsibilities, and risks in a business, what kind of relationship is that called?
What is a business partnership?
What is the lowest hourly wage that employers can legally pay workers?
What is minimum wage?
Labor unions first became common during what major historical era?
What is the Industrial Revolution?
When workers protest or demonstrate outside their job site, it's called what?
Picketing
Separate ownership from management. Shareholders invest, while executives make daily decisions.
What is Corporations?
People who own shares of a corporation are called what?
What are shareholders?
Disney employs over 200,000 people around the world. This is an example of Disney's influence on what economic factor?
What is employment or the labor force?
What do unions and employers sign when they reach an agreement on pay and conditions?
What is a contract or collective bargaining agreement?
What's it called when workers slow down production or refuse overtime to protest company policies?
What is a work slowdown?
A contract issued by a local authority; a business model where one company allows others to operate under its brand name, using its products, services, and systems, in exchange for fees or royalties.
What is a Franchise?
What's the main goal of most private businesses-to earn what in exchange for goods and services?
What is a profit?
When Disney raises wages for its theme park workers, what might the company also have to adjust to maintain profits?
What are ticket prices or operational costs?
Disney employees who are part of unions recently negotiated for higher wages at which U.S. parks?
What are Disneyland and Walt Disney World?
If Disney and its unions can't agree, they might bring in a neutral third part to help. What is that process called?
What is mediation?
Organizations that do no operate for the purpose of generating profit.
What is Nonprofit Organization?
Why might a business owner choose to expand into multiple branches or products, like Disney adding Marvel and Pixar?
What is, to diversify and reduce risk while increasing profits through multiple income sources?
Technological changes that reduce the need for some jobs but create new ones describe what kind of labor market change?
What is Job rebuilding?
Why might a large company like Disney prefer to avoid frequent union strikes?
What is, strikes slow production, reduce profit, and affect customer experience?
What's one positive outcome that can result from workplace actions and union negotiations?
Improved wages, benefits, and safer working conditions.