Examlex
Which of the following is classified as a final good or service?
i. tires bought by GM to put on new Tahoes
ii. mustard bought by Subway to put on its sub sandwiches
iii. your purchase of online access to the Wall Street Journal
Single Buyer
A market situation where there is only one buyer for a particular product or service, influencing the market conditions and prices.
Input Market
Markets where firms purchase resources and services needed for the production process, such as labor, raw materials, and machinery.
Labor Union
An organization of workers formed to protect and further their rights and interests through collective bargaining.
National Labor Relations (Wagner) Act
A 1935 United States federal law that protects the rights of employees to organize, form unions, and engage in collective bargaining, while prohibiting certain unfair labor practices.
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