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