Misc 1
the social science that studies the production, distribution, and consumption of goods and services
economics
a particular society at a particular time and place; the knowledge and values shared by a society.
Culture
desire for certain good or service supported by the capacity to purchase it.
Demand
an organization of workers or employees who act jointly to negotiate with their employers over wages, fringe benefits, working conditions, and other facets of employment.
Labor Union
Ever-present situation in all markets whereby either fewer goods are available than the demand for them, or only too little money is available to their potential buyers for making the purchase
Scarcity
centered on a specific ethnic group, usually one's own.
Ethnocentric
total amount of a product (good or service) available for purchase at any specified price.
Supply
negotiation process between a union and the company that employs the union's members
Collective Bargaining
the best alternative that is forgone because a particular course of action is pursued.
opportunity cost
a family consisting of parents and their children and grandparents of a marital partner.
Nuclear family
a market where low prices result from this excess of supply over demand; also called soft market
Buyer's market
agreement of workers, usually the members of a union, to stop working.
Strike
someone who produces or manufactures something.
producer
a monetary reward for a specific behavior, designed to encourage that behavior.
Financial Incentives
Market where high prices result from this excess of demand over supply.
Seller's market
the traditional method of demonstrating that a labor union is on strike against an employer, whereby union members carry signs and walk in a line in front of the employers plant, factory, or place of business.
Picketing
in economics, the movement of goods from manufacturer, or a way in which wealth is shared in any particular economic system.
Distribution
people having the same social, economic, or educational status.
social class
degree to which supply or demand for a product or service will change as a result of a change in price
Elasticity
organized effort to reduce the sales of a particular good that's intended to punish the producer or seller.
Boycott