| A | B |
|---|
| Market | to put a good out in the public to sell |
| Market Price | the price at which a commodity, security, or service is selling in the open market. |
| Competitive Market | when businesses compete for the same dollar and helps to lower prices |
| Monopoly | – a sole provider of a good or service |
| Oligopoly | when a few large sellers dominate & have the ability to effect prices in an industry |
| Mergers | a combination of 2 or more businesses to form a single business |
| Conglomerate | firms with 4 or more businesses making unrelated products with no one single company responsible for a majority of sales |
| Sole Proprietorship | business owned and operated by a single person |
| Partnership | business owned by 2 or more people |
| Corporation | a business recognized by law and has rights like an individual and can sell stock |
| Limited Life | when a business legally ceases to exist when an owner dies or quits |
| Unlimited Liability | when the owner of the business is financially responsible for all problems related to the business |
| Limited Liability | when only the business not the owners are financially responsible |
| Charter | a document, issued by a sovereign or state, outlining the conditions under which a corporation, colony, city, or other corporate body is organized, and defining its rights and privileges. |
| Transparency | The full, accurate, and timely disclosure of information. |
| Unlimited Life | continued legal existence of a business when the owner dies, quits or switches ownership |
| Stock | shares of ownership in a corporation |
| Dividend | a share of a corporation’s profits given to its shareholders |
| Stock Market | where stocks are bought, sold and traded |
| Franchise | exclusive right to produce or sell a certain product in an area |
| Small Business Administration | aids people who want to go into business with loans, workshops, etc. |
| Unions | a group of people united for mutual interest and benefit |
| Collective Bargaining | a group representing all the workers negotiate a labor contract with the company |
| Strike | work stoppage by the workers to get a better labor contract |
| Lockout | when a company blocks its workers from entering its business until they agree on a labor contract |
| Arbitration | when 2 sides of an argument meet with a third party & the 2 sides have to do what |
| Mediation | when 2 sides of an argument meet with a third party & the person tries to negotiate |
| Anti-trust laws | laws the encourage competition in the marketplace by busting up monopolies |
| Fair Labor Standards Act (1938) | set up a minimum wage and overtime pay for anyone working over 40 hours |
| Taft-Hartley Act (1947) | give states the right to pass right to work laws banning mandatory union membership |
