Sole proprietorship- a business owned and managed by a single individual
Partnership: business organization owned by two or more persons who agree on a specific division of responsibilities and profits
Corporations: a legal entity, or being, owned by individual stockholders, each of whom has limited liability for the first’s debts.
Franchise: a contract that gives a single firm the right to sell its goods within an exclusive market
Nonprofit organizations: an institution that functions much like a business but does not operate to make a profit
Cooperative: a business organization owned and operated by a group of individuals for their shared benefit
Financial capital: the money needed to run a business or make it grow
Stock: a certificate of ownership in a corporation
Stockholder: someone who owns shares
Transparency: a company is transparent if a lot of their financial information is available
Labor force: all nonmilitary people who are employed or unemployed
Outsourcing: the practice of contracting with another company to do a specific job that would otherwise be done by a company’s workers
Glass ceiling: an unofficial barrier that sometimes prevents some women and minorities from advancing to the top rank of organizations dominated by men
Labor unions: an organization of workers that tries to improve working conditions, wages, and benefits for their members
Right-to-work laws: measures that ban mandatory union membership
Collective bargaining: the process in which a union and company management meet to negotiate a new labor contract
Mediation: a neutral, trained mediator works to help disputants come to a solution on their own
Arbitration: a neutral, trained mediator serves as a judge that is responsible for solving the dispute
Strike: an organized work stoppage intended to force an employer to address union demands
Perfect competition: a market structure in which a large number of firms all produce the same product and no single seller controls supply or prices
Barriers to entry: any factor that makes it difficult for a new firm to enter a market
Monopoly: a market in which a single seller dominates
Natural monopoly: a market that runs most efficiently when one large firm provides all of the output
Price discrimination: the division of consumers into groups based on how much they will pay for a good
Monopolistic competition: a market structure in which many companies sell products that are similar but not identical
Non-price competition: a way to attract customers through style, service, or location, rather than a lower price.
Oligopoly: a market structure in which a few large firms dominate a market
Merger: when two or more companies join to form a single firm
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