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economic terms 2

defining terms 2

TermDefinition
labor union An organization of workers formed to promote collective bargaining with employers over wages, hours, fringe benefits, job security, and working conditions.
right-to-work law of or pertaining to the right of workers to be employed whether or not they belong to a labor union.
collective bargaining mediator is a process of negotiation between employers and a group of employees aimed at reaching agreements to regulate working conditions.
gross domestic product the final market value of the total output of all goods and services produced within a country's geographic boundaries during a year's time; expresses the dollar value of what is produced, not the volume of production.
gross national product is the total dollar value of all final goods and services produced for consumption in society during a particular time.
consumer price index measure of the change in price over time of a specific group of goods and services used by the average household.
producer price index measure of the change in prices over time that united states producers charge for their goods and services. Measures wholesale price levels in the economy.
productivity their amount of goods and services produced for every unit of resources used in their production.
inflation a rapid rise in prices, usually occurring when demand exceeds supply.
deflation prolonged decline in the general price level of goods and services.
monopoly a condition in which a market is controlled by one supplier with no substitute goods or services readily available.
free enterprise economic system in which individuals own the factors of production and decide how to use them within legal limits; same as capitalism
oligopoly industry dominated by a few suppliers who exercise some control over price.
conglomerate large corporation made up of smaller corporations dealings in unrelated businesses.
Created by: javionwalker13
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