Companies
Business owned and managed by a single individual
Sole Proprietorship
A legal entity treated as an individual separate from its owners
Corporation
Business owned and operated by group of individuals for their benefit
Cooperative
All Nonmilitary people who are employed or unemployed
labor force
Give an example of historic discrimination against women
Job Segregation, Education Segregation, Hiring Discrimination, Direct Wage Discrimination
This is a business owned by two or more people
Partnership
Share of a company
Stock
Organized to provide services to the public
Non-profit organization
16 yrs old, worked at least 1 hr for pay in last week
employed
Organization of workers that try to improve working conditions, wages, and benefits for its members
labor unions
This is an agreement between a large company and a local owner (think fast food)
Franchise
Two or more firms competing in the same market with same good or service join
Horizontal Merger
Non profits are this so they are encouraged to meet needs a for-profit would not
16 yrs old, no job, actively searching for job
unemployed
Effective tool in extracting concessions from employers
collective bargaining
This is the legal obligation to pay debts
Liability
Two or more firms in different stages of producing the same good or service join
Vertical Merger
Advantages of corporation for owners, give 1
Limited liability, transferable ownership, no need for knowledge of the business
Those with no job not seeking one, busy with other things (students, military)
outside the labor force
Companies used these tactics to suppress unions in 1800s
militias/court orders
Give one advantage of a sole proprietorship
Easy to start, sole decision making, etc (judges discretion)
3 or more firms producing unrelated goods join
Conglomerate
Disadvantages of incorporation
Earnings Taxed twice, founders risk loss of control
Limited supply of qualified labor leads to _____
higher wages
This is a reason Unions are in decline
right-to-work