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Economics Final Exam Review Unit 3

Sole proprietorship
A business owned and managed by a single individual.
What requirements must sole proprietorships meet?
-Site permit
Zoning laws
Law in a city or town that designates separate areas for residency and for business.
Biggest disadvantage of a sole proprietorship.
The owner has unlimited personal liability-legal obligation to pay debts.
General partnership
Partnership in which partners share equally in both responsibility and liability.
Limited partnership
Partnership in which only one person is required to be a general partner.
Limited Liability Partnership (LLP)
Partnership in which all partners are general partners.
A legal entity owned by individual stockholders.
Closely held corporations
Corporation that issues stock to only a few people, often family members.
Publicly held corporation
Corporation that sells stock on the open market.
A formal contract to repay borrowed money with interest at fixed intervals.
Horizontal mergers
The combination of two or more firms competing in the same market with the same good or service.
Vertical merger
Joins two or more firms involved in different stages of production of producing the same good or service.
Business combination merging more than three businesses that make unrelated products.
Multinational corporation (MNC)
Large corporation that produces and sells its goods and services throughout the world.
Business franchise
A semi-independent business that pays fees to a parent company in return for exclusive rights to sell a certain product or service in a given area.
Service cooperative
Cooperative that provides a service, rather than a good.
Producer cooperative
Agricultural marketing cooperative that helps members sell their products.
Derived demand
Demand that is determined by demand for another good or service.
Equilibrium wage
Wage rate that produces neither an excess supply of workers nor an excess demand for workers.
Glass ceiling
An unofficial, invisible barrier that prevents women and minorities from advancing in businesses dominated by white men.
What impact have labor unions had on workers and businesses? Give at least 3 specific examples to support your answer.
Labor unions have worked to raise wages, improve working conditions, and provide job security for their union members. Unions control daily operations of businesses. They can pressure businesses to keep jobs, which has the impact of increasing operating expenses. The cost of employing union workers has led some businesses to relocate to states where unions have less protection, causing the eventual loss of jobs in certain regions of the U.S.
How can business owners attract qualified laborers and prevent employee turnover?
Business owners can attract qualified laborers by having a positive corporate culture and offering higher starting wages. Business owners can prevent employee turnover by hiring more selectively, focusing on having an experienced store manager, and by offering promotions for good performance.

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