Define Economic Groups

question 14

Essay

Define economic groups.Identify four types of economic interest groups and the constituencies they serve.
D.C.,concentrate their activities on policies that are concerned with business.Business interests are also represented by associations such as the National Association of Manufacturers and the U.S.Chamber of Commerce.Labor groups seek to promote policies that benefit workers in general and union members in particular.They have been politically active for a long time,and the AFL-CIO is the largest labor group.Farm groups represent various segments of the farm community; for example,the American Farm Bureau Federation promotes agribusiness and large farms,while the Farmers Union promotes the interests of smaller family farms.Professional groups,such as the American Medical Association,represent various professions and attempt to influence policy on their behalf.

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Definitions:

Consideration

A key element in contract law that involves something of value exchanged between parties as part of an agreement.

Consideration

a core concept in contract law that involves something of value exchanged between parties, which is necessary for a contract to be legally binding.

Payment

The transfer of money or goods from one party to another as a fulfillment of an obligation or settlement of a debt.

Ownership

The right to possess, use, and control a property or item, encompassing both tangible and intangible assets.