Chapter 8-9 Review
credit union
nonprofit service cooperative that accepts deposits, makes loans, and provides other financial services
Union started by Cesar Chavez
It grew in numbers and strength and improved wages and working conditions for migrant workers.
difference between the two oldest types of unions
Trade union members do the same work; industrial union members work in the same industry.
The pay rate for that skill increases.
Under the market theory of wage determination, what happens when the demand for a skill is high, but the supply of workers with that skill is low?
venture capitalist
lender of investment funds to a start-up business in exchange for partial ownership of the business
seniority
length of time a person has been on a job
craft union
group whose members all perform the same kind of work
picket
protest at a company to demonstrate disagreement with their actions or policies
file for permission with the government
A person who wishes to incorporate a business needs to?
The average college graduate makes three times more than the average high-school dropout.
An example of the Signaling theory
sole proprietorships
Limited life applies to
helping entrepreneurs think of new business ideas
Main purpose of incubators?
advantage of sole proprietorship
No requirements to start up, owner makes all the decisions, owner keeps all the profits
good return on an investment
Venture Capitalists main goal?
workers had skills that made them hard to replace.
What enabled workers to form the earliest unions in America?
offering profit-sharing plans to employees
What management strategy has contributed to a decline in union influence?
professional labor
Which noncompeting category of labor tends to include the highest-paid workers?
white men
Who is least affected by a glass ceiling?
nonprofit organizations and for-profit corporations?
Who uses the scarce factors of production.
a hat manufacturer in Danbury, Connecticut
Who was involved in a boycott that was declared illegal?
Nonprofit Organizations
Who works in a businesslike way to promote member interests?
common stock
a form of corporate ownership giving one vote per share for stockholders
general partnership
all partners are equally responsible for management and debts
closed shop
arrangement under which workers must join a union before they are hired
horizontal merger
combination of firms producing the same kind of product
preferred stock
form of stock without vote, in which stockholders get their investments back before common stockholders do
labor union
organization that works for its members' interests concerning pay, working hours, health coverage, fringe benefits, and other job-related matters
two-tier wage system
pay scale in which newer workers make less than others already on the job
incubator
place where entrepreneurs can receive the training to build a successful start-up business
wage rate
prevailing pay scale for an occupation in a given area or region
right-to-work law
prohibits requiring a worker to join a union
limited life
situation in which a firm legally ceases to exist when an owner dies or quits, or when a new owner is added
A business's net income
total income after expenses
craft union
unions administered by employers
independent unions
unions not affiliated with the AFL-CIO or the Change to Win Coalition
mediation
use of a neutral third party to resolve a dispute through compromise
crowdfunding
using social networking to appeal to potential investors