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Vocabulary
Types of Businesses
The American Labor Force
Businesses in Our Economy
100
Prevents mandatory union membership required by the union shop.
right to work law
100
What is the most common type of business in the U.S.?
Sole Proprietorship
100
_________ requires workers to belong to a union BEFORE they are hired.
Closed shops
100
A business that donates money and products to local charities is showing _________.
Social responsibility
200
A business that two or more people own and operate.
Partnership
200
The biggest advantage of a sole proprietorship is that the owner ___________.
Receives all profits
200
Why do workers organize labor unions?
To obtain better pay and working conditions.
200
A condition of being open to open to public review.
Transparency
300
Use of a third party to decide how to settle a disagreement.
Arbitration
300
How do corporations finance their start-up and operation?
Sales of stock
300
To refuse to buy a business' product.
Boycott
300
Treatment of people on the basis of race, religion, color, gender, age, or disability.
Discrimination
400
Voluntary association of people formed to carry on an economic activity that benefits its members.
Cooperative
400
What do service cooperatives offer their members?
Insurance and credit
400
A business that requires union membership AFTER the employee is hired.
Union shop
400
What are the two main responsibilities businesses have to their employees?
A safe workplace and treat all workers fairly.
500
A document needed to start a corporation.
A document needed to start a corporation.
500
The government is most likely to prosecute when a corporation __________.
Releases false financial information.
500
What is one reason why people would OPPOSE raising the minimum wage.
Sets the price of unskilled workers too high, may raise the price of products, may lower the amount of workers hired.
500
What are two main responsibilities businesses have to consumers?
Sell products that are safe and work. Treat customers fairly and advertise truthfully.