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economic terms 2 Test

Enter the letter for the matching Definition
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1.
gross domestic product
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2.
labor union
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3.
producer price index
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4.
collective bargaining mediator
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5.
inflation
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6.
free enterprise
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7.
gross national product
A.
An organization of workers formed to promote collective bargaining with employers over wages, hours, fringe benefits, job security, and working conditions.
B.
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.
C.
economic system in which individuals own the factors of production and decide how to use them within legal limits; same as capitalism
D.
is a process of negotiation between employers and a group of employees aimed at reaching agreements to regulate working conditions.
E.
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.
F.
a rapid rise in prices, usually occurring when demand exceeds supply.
G.
is the total dollar value of all final goods and services produced for consumption in society during a particular time.
Type the Term that corresponds to the displayed Definition.
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8.
industry dominated by a few suppliers who exercise some control over price.
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9.
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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10.
of or pertaining to the right of workers to be employed whether or not they belong to a labor union.
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11.
a condition in which a market is controlled by one supplier with no substitute goods or services readily available.
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12.
large corporation made up of smaller corporations dealings in unrelated businesses.
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13.
their amount of goods and services produced for every unit of resources used in their production.
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14.
prolonged decline in the general price level of goods and services.

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