economic terms 2 Word Scramble
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| Term | Definition |
| 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. |
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