When the Two Parties Are Unable to Reach a Consensus

question 47

True/False

When the two parties are unable to reach a consensus on the collective bargaining agreement, this is called a bargaining impasse.

---

Definitions:

Production Possibilities Frontier

A curve that shows the different combinations of various goods that a country can produce given certain resources and technology.

Full Employment

Employment level when there is no cyclical unemployment.

Command Economy

An economic system where the government makes all decisions regarding what goods should be produced, how they should be produced, and who gets them.

Inefficiency

A lack of efficiency, where resources are not utilized in the best possible manner, often leading to waste or lost opportunities.