Economics Business & Labor
Right to work law
a statute in the United States that prohibits union security agreements, or agreements between labor unions and employers, that govern the extent to which an established union can require employees' membership, payment of union dues, or fees as a condition of employment, either before or after hiring
Mediation
a way of resolving disputes between two or more parties with concrete effects
Closely held corporation
any company that has only a limited number of shareholders
Business license
authorization to start a business issued by the local government
Nonprofit organization
business entity that is granted tax-exempt status by the Internal Revenue Service
Equilibrium wage
change in labor demand and/or supply will alter the equilibrium and change wages and employment
Blue collar- working
class person historically defined by hourly rates of pay and manual labor
Conglomerate
combination of two or more corporations engaged in entirely different businesses that fall under one corporate group, usually involving a parent company and many subsidiaries
Privately held corporation
company owned either by non-governmental organizations or by a relatively small number of shareholders or company members which does not offer or trade its company stock to the general public on the stock market exchanges, but rather the company's stock is offered, owned and traded or exchanged privately
Multinational corporation
corporation that has its facilities and other assets in at least one country other than its home country
Factors affecting wages
cost of living, personal perception of wage, government legislation, ability to pay, supply and demand, productivity
Derived demand
demand for a factor of production or intermediate good that occurs as a result of the demand for another intermediate or final good
Dividend
distribution of a portion of a company's earnings
Wage discrimination
due to the operation of the labor market, similar workers receive different wages on the basis of race, gender, ethnicity, age or other ascribed characteristic not directly related to productivity
Fringe benefit
extra benefit supplementing an employee's salary
Bureau of Labor statistics
government agency that produces economic data that reflects the state of the U.S. economy
Corporation
has the right to enter into contracts, loan and borrow money, sue and be sued, hire employees, own assets and pay taxes
Semi-skilled labor
having or requiring less training than skilled labor and more than unskilled labor
White collar
historically have been the "shirt and tie" set,defined by office jobs
Business organization
individual or group of people that collaborate to achieve certain commercial goal
Bond
it is a debt security, under which the issuer owes the holders a debt and, depending on the terms of the bond, is obliged to pay them interest and/or to repay the principal at a later date, termed the maturity date
Liability
legal debts or obligations that arise during the course of business operations
Certificate of incorporation
legal document relating to the formation of a company or corporation. It is a license to form a corporation issued by state government
Zoning law
limit commercial use of land in order to prevent oil, manufacturing or other types of businesses from building in residential neighborhoods
Trade association
an association of organizations in the same trade formed to further their collective interests, esp in negotiating with governments, trade unions
Vertical Merger
merger between two companies producing different goods or services for one specific finished product
Limited liability partnership
one partner is not responsible or liable for another partner's misconduct or negligence
Labor union
organization that advocates for workers' rights and benefits through collective bargaining
Limited partnership
partner in a partnership whose liability is limited to the extent of the partner's share of ownership
General partnership
partners conducting a business jointly have unlimited liability
Royalty
payment is made to the legal owner of a property, patent, copyrighted work or franchise by those who wish to make use of it for the purposes of generating revenue or other such desirable activities
Arbitration
proceeding in which a dispute is resolved by an impartial adjudicator whose decision the parties to the dispute have agreed, or legislation has decreed, will be final and binding
Collective bargaining
process of negotiation between employers and a group of employees aimed at reaching agreements to regulate working conditions
Business franchise
relationship in which a franchiser provides a licensed privilege to the franchisee to do business and offers assistance in organizing, training, merchandising, marketing and managing in return for a monetary consideration
Assets
resource with economic value that an individual, corporation or country owns or controls with the expectation that it will provide future benefit
Unskilled labor
segment of the work force associated with a low skill level or a limited economic value for the work performed
Skilled labor
specialized part of the labor force with advanced education
Business association
study of the financial issues and challenges faced by corporations
Professional organization
a body of persons engaged in the same profession, formed usually to control entry into the profession, maintain standards, and represent the profession in discussions with other bodies
Horizontal Merger
a business consolidation that occurs between firms who operate in the same space, often as competitors offering the same good or service
Partnership
a business or firm owned and run by two or more partners.
Contingent employment
a provisional group of workers who work for an organization on a non-permanent basis, also known as freelancers, independent professionals, temporary contract workers, independent contractors or consultants
Productivity
a ratio between the output volume and the volume of inputs
Strike
a rebellion by employees over wages, hours, or working conditions as opposed to one called in protest against unfair practices by an employer
Labor force
the people who are willing and able to work
Featherbedding
the practice of a labor union requiring an employer to hire more workers than necessary for a particular task
Learning effect
the process by which education increases productivity and results in higher wages
Screening effect
the ways in which buyers filter out false information from sellers, retaining only what is true
Stock
type of security that signifies ownership in a corporation and represents a claim on part of the corporation's assets and earnings
Sole proprietorship
unincorporated business with one owner who pays personal income tax on profits from the business. With little government regulation, they are the simplest business to set up or take apart, making them popular among individual self contractors or business owners. Disadvantage is unlimited liability
Articles of partnership
voluntary contract between two or among more than two persons to place their capital, labor, and skills, and corporation in business with the understanding that there will be a sharing of the profits and losses between/among partners
Unemployment
when a person who is actively searching for employment is unable to find work
Uniform partnership act
which includes revisions that are sometimes called the Revised Uniform Partnership Act, is a uniform act proposed by the National Conference of Commissioners on Uniform State Laws for the governance of business partnerships by U.S
Producer cooperative
Producer owned and democratically-controlled organizations that serve their members through cooperative marketing, support and/or purchasing
Cooperative
a jointly owned enterprise engaging in the production or distribution of goods or the supplying of services, operated by its members for their mutual benefit, typically organized by consumers or farmers
Glass ceiling
unseen, yet unbreakable barrier that keeps minorities and women from rising to the upper rungs of the corporate ladder, regardless of their qualifications or achievements
Service cooperative
voluntary association of at least 15 persons for the purpose of mobilizing and utilizing their resources to provide themselves and/or the community with essential services
Publicly held corporation
whose ownership is dispersed among the general public in many shares of stock which are freely traded on a stock exchange or in over the counter markets
Professional labor
workers with a high level of professional and managerial skills