Examlex
Over 90% of union contracts in the private sector specify that employees can be discipline and discharged for just cause only.
Elasticity of Supply
A measure of how much the quantity supplied of a good or service changes in response to a change in price.
Factor of Production
Inputs used in the production of goods or services, typically categorized into land, labor, capital, and entrepreneurship.
Cross Elasticity of Demand
The ratio of the percentage change in quantity demanded of one good to the percentage change in the price of some other good. A positive coefficient indicates the two products are substitute goods; a negative coefficient indicates they are complementary goods.
Inferior Goods
Goods for which demand decreases as the income of the consumer increases, as they are typically replaced with more expensive alternatives.
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