Briefly and Concisely Define the Following Terms and Explain Their

question 87

Essay

Briefly and concisely define the following terms and explain their relevance to the study of economics.
a)industrial and craft unions
b)closed shop
c)union shop
d)bilateral monopoly
e)collective-bargaining agreement

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Definitions:

Per Capita Incomes

The mean income received by an individual in a specific region or nation, determined by dividing the sum of all incomes by the number of people.

Birth Rates

The number of live births per thousand of population per year.

Economic Growth

An increase in the amount of goods and services produced per head of the population over a period of time.

Population Density

The number of individuals living in a given area, typically expressed as persons per square kilometer or square mile.