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Flashcards in Chapter 3- Section 3 Deck (14)
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Operates in a businesslike way to promote the collective interest of its members rather than to seek financial game for its owners

Nonprofit organization


What are some examples of nonprofit organizations?

Schools, churches, hospitals, welfare groups, and adoption agencies


Voluntary association of people form to carry on some kind of economic activity that will benefit its members

Cooperative or co-op


A voluntary association that buys bulk amount of goods such as food and clothing on behalf of its members

Consumer cooperatives


Provide services such as insurance, credit, and babysitting to its members rather than goods

Service cooperatives


A financial organization accepts deposits from, and makes loans to, employees of a particular company or government agency

Credit union


Helps members promotes or sell their products

Producer cooperatives


And organization of workers forms represent its members interest in various employment matters

Labor union


When it negotiates with management over issues such as pay, working hours, healthcare coverage, life insurance, vacations, and other job related matters

Collective bargaining


A group of people in a specialized occupation that works to improve the working conditions, skill levels, and public perception of the profession

Professional association


Promotes the welfare of its members and the community

Chamber of commerce


A nonprofit organization sponsored by local businesses to provide general information on companies

Better Business Bureau


The government is not another nonprofit economic organization. True or false?

False; it is a nonprofit economic organization


The government plays an indirect role in the economy when it regulates certain areas of it what is one such case?

Public utilities such as power and water