When Backed by Buying Power, Wants Become ________

question 48

Multiple Choice

When backed by buying power, wants become ________.

• A) social needs
• B) demands
• C) physical needs
• D) self-esteem needs
• E) exchanges

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Definitions:

Labor Unions

Organizations that work to represent the interests of workers in negotiations with employers over issues like wages, hours, and working conditions.

Industrial Nations

Countries characterized by significant industrial activity, having a large part of their economy involved in manufacturing and technology.

Collective Bargaining

A process of negotiation between employers and a group of employees aimed at agreements to regulate working salaries, working conditions, benefits, and other aspects of workers' compensation and rights.

Strike

When a collective bargaining agreement cannot be reached, a union calls for a work stoppage to last until an agreement is reached.