This document defines key vocabulary terms from three chapters on civics and economics. It describes different types of business ownership structures like sole proprietorships, partnerships, and corporations. It also defines terms related to labor unions like collective bargaining, mediation, arbitration, and strikes. Finally, it covers concepts like transparency, discrimination, and social responsibility as they relate to businesses and the workplace.

1. Civics and Economics Vocabulary
Chapter 22 - Section One
Sole Proprietorship- a business owned and operated by a sole, or single person
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Financial Capital- the money needed to run a business or enable it to grow larger
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Partnership- a business that two or more people own and operate
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Articles of Partnership- document identifies how much money each of you will con-
tribute and what role each partner will play in the business
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Corporation- an organized business recognized by law that has many of the rights and
responsibilities of an individual
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Charter- a government document granting permission to organize
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Stock- ownership shares of the corporation, that will be issued
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Stockholder- people who buy this stock
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Board of Directors- managers to run the corporation on a daily basis
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Cooperative-a voluntary association of people formed to carry on an economic activity
that benefits its members
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Tara Pawlyk Friday, May 17, 2013 8:20:33 AM ET 04:0c:ce:d3:10:88

2. Chapter 22 - Section Two
Labor Union- groups of workers who band together to have a better chance to obtain
higher pay and better working conditions
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Right-to-Work Law- prevent mandatory union membership required by the union shop
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Collective Bargaining- Officials from the union and the company meet to discuss the
workersʼ new contract
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Mediation- bring in a third party who tries to help them reach a compromise agreement
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Arbitration- A third party listens to both sides, then decides how to settle the
disagreement
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Strike- all workers in the union refuse to go to work
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Boycott- refuse to buy
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Chapter 22 - Section 3
Transparency- making public
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Discrimination- treat employees differently on the basis of race, religion, color, gender,
age, or disability
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Social Responsibility- the obligation to pursue goals that benefit society as well as
themselves
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Tara Pawlyk Friday, May 17, 2013 8:20:33 AM ET 04:0c:ce:d3:10:88