Planned economy - Economic system in which the government makes all of the
decisions
Trade mission - Group of volunteer businesspeople sponsored by the
... [Show More] government to
inform exporters about foreign markets
Craft union - Union made of workers with a particular skill
Whistleblower - Employee who informs on a company that is doing something wrong or
harmful -> unethical to discipline a whistleblower because the employee has the right to
report wrongdoing
Corporation ownership - Permits ownership by simply buying shares of stock -> owner
does not need to be involved in the business
Sole proprietorship - Business entity in which the business is owned by one person ->
requires large amount of owner involvement
Close corporation - Business entity in which owners do not offer their shares for sale to
the general public
Term - Form of life insurance that lasts a set amount of years
Ordinary life - Form of life insurance that pays benefits upon the death of the policy
holder
Homeowners insurance - Protects property owners from damage to their property;
includes liability insurance that protects the owner if someone else is injured on/by their
property
Consideration - Anything of value that is promised to another when making a contract
Legality - Refers to the terms of a contract being within the law
OSHA - Occupational Safety and Health Administration: government agency in charge
of worker safety
CPSC - Consumer Product Safety Commission: protects consumers from defective
products
SEC - Security and Exchange Commission: protects investors from deceptive practices
FTC - Federal Trade Commission: enforces antitrust laws and investigates deceptive
and misleading business practices
Primary source of laws - Primary sources are laws and legislation; they are the
foundations of societal rules
Secondary source of law - Materials that discuss and interpret the law; includes
restatements of law, law reviews, legal newspapers and encyclopaedias
Civil lawsuit - Personal complaint filed when a person believes his/her rights have been
violated
Appeal - Action in which the defendant requests that another court reviews a previous
courts decision (not a retrial)
Retrial - Second of further trial
Grand jury - Jury that decides whether or not there is enough evidence to prosecute a
person for a crime
Trial jury - Selected citizens that determine a defendant's guilt or innocence
Small claims - Small cases typically involve minor damages; most states have limits for
small claim courts that only allow them to handle cases worth less than $5000
Federal appellate court - Preside over appealed cases involving federal questions, the
diversity of citizenships, or those in which the U.S. is a party
Probate courts - Deal with cases involving wills or estates
State supreme courts - Deals with cases involving state issues
Tort - - Deliberate or unintentional act of wrongful or negligent behaviour that is inflicted
upon another person
- In tort cases, the plaintiff sues for personal damages, such as damaged reputation and
credibility
Plaintiff - Person/party that initiates a lawsuit/trial
Duty of due care - Person's responsibility to behave in a socially acceptable and
responsible manner under common law
Property lien - Legal claim for real estate granting the owner a specific amount of money
upon sale of the property [Show Less]