defining terms 2
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| labor union | An organization of workers formed to promote collective bargaining with employers over wages, hours, fringe benefits, job security, and working conditions.
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| right-to-work law | of or pertaining to the right of workers to be employed whether or not they belong to a labor union.
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| collective bargaining mediator | is a process of negotiation between employers and a group of employees aimed at reaching agreements to regulate working conditions.
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| 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.
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| gross national product | is the total dollar value of all final goods and services produced for consumption in society during a particular time.
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| consumer price index | measure of the change in price over time of a specific group of goods and services used by the average household.
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| 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.
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| productivity | their amount of goods and services produced for every unit of resources used in their production.
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| inflation | a rapid rise in prices, usually occurring when demand exceeds supply.
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| deflation | prolonged decline in the general price level of goods and services.
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| monopoly | a condition in which a market is controlled by one supplier with no substitute goods or services readily available.
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| free enterprise | economic system in which individuals own the factors of production and decide how to use them within legal limits; same as capitalism
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| oligopoly | industry dominated by a few suppliers who exercise some control over price.
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| conglomerate | large corporation made up of smaller corporations dealings in unrelated businesses.
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