economy ch 2-3
Terms
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- command
- public services at little or no cost, no room for growth
- Labor union
- a group of workers that organize to have better working conditions
- Arbitration
- a third party is brought in and you must listen to what they say
- traditional
- stable and predictable, discourages new ideas
- Limited Liability
- it is very difficult to sue a buisness with
- Buisness tax
- a tax on what you make
- market
- able to adjust to change gradually, does not provide for those unable to work
- stock
- a peice of the company
- economic system
- the way we provide for the wants and needs of the people
- chain
- owned by the same person
- intrist
- the fee to borrow money
- corporation
- a sperate legal entitiy from the owner
- Principle
- the ammount you borrow or owe
- Sole proprietorship
- working by yourself
- Charter
- permision from the government to own a corporation
- Vertical merge
- several buisnesses in the same production process combine
- LLC
- don't have to deal with government taxes because they are not public companies
- DBA
- doing buisness as
- Conglomerate
- a company with four or more unrelated buisnesses
- Chamber of comerce
- buisnesses join to promote their buisness
- Proxy
- an absentee vote
- Mediation
- a third party is brought in to advise on a disagreement
- market
- individual freedom, buisnesses face uncertainty
- Professional Association
- National teachers association is a
- service
- join To get good rates
- Better Buisnesses burro
- for costomers to make sure companies are nice to the consumers
- General
- a partnership in which all partners are involeved in the management process
- Horizontal merge
- like companies combine
- limited life
- a buisness ends when the owner changes
- command
- dramatic changes fast, rarely meets the needs of the people
- traditional
- sets roles for everyone, lower standerd of living
- Cooperative
- a nonprofit organization set up to benifit it's members
- collective bargaining
- negotioations between representetives of labor and management
- producer
- For those who make things
- limited
- at least one person is only prividing monaynay in a ______ partnership
- market
- people for there own answers to scarcity in a______ economy
- franchise
- permision to operate
- Unlimited liability
- you get sued all over the place if you have