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partnership
a business owned by 2 or more people
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corporation
type of business organization owned by many people but treated by law as though it were a person
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labor union
an association of workers organized to improve wages and working conditions
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collective bargaining
the process by which unions and employers negotiate the conditions of employment
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2 types of labor unions
- trade union
- industrial union
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3 things that count toward the demand curve
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4 responsibilities of businesses
- to consumers
- to owners
- to employees
- to community
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3 forms of businesses
- proprietorships
- partnerships
- corporations
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sole proprietorship
a business owed and operated by a single person
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elastic
- change in price causes a change in the quantity demanded for a product
- has an alternative substitute
- phones, brands of clothing, flavor of food
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 ine
inelastic (picture)
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inelastic
- price changes have little effect on the quantity demanded
- demand for goods with few or no substitutes
- gas, milk, water
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