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| Productivity | in labor and other areas of economics, the amount of output per unit of input, for example, the quantity of a product produced per hour of labor. |
| Output | the amount produced. |
| Standard of living | The prosperity in a nation (or quality of life of an individual), as measured by income levels, quality of housing and food, medical care, educational opportunities, transportation, and other measures. |
| Total Production | process employed in transformation of tangible inputs (raw materials, semi-finished goods, or subassemblies) and intangible inputs (ideas, information, know how) into goods or services. |
| Income per capita | Income per person in a population. Per capita income is often used to measure a country's standard of living. |
| Consumption per capita | Consumption per person in a population who uses a product or service until it has no remaining value. |
| Input | item external to a system (such as a process) that is transformed by the system (usually together with one or more other items) to become an output. |
| Output | amount of energy, work, goods or services, etc. produced by a machine, factory, firm, or an individual in period. |
| Total product | the total quantity of output produced by a firm for a given quantity of inputs. |
| Productive resources | resources used in the production of goods and services |
| Fixed inputs | an input whose quantity cannot be changed in the time period under consideration |
| Variable inputs | an input whose quantity can be changed in the time period under consideration |
| Fixed costs | a cost that does not vary depending on production or sales levels such as rent, property tax, insurance, or interest expense. |
| Variable costs | Costs, such as cost of labor, material or overhead, that change with increased production. |
| Total costs | variable costs plus fixed costs |
| Average total cost | total cost per unit of output, found by dividing total cost by the quantity of output |
| Labor union | an organization of workers/employees who act jointly to negotiate with their employers over wages, working conditions, fringe benefits, etc. The main function is to provide a balance for the market control exerted over labor by big business. |
| Local | labor union acting locally for employees for an industry. Ex: the local union of the UAW |
| National | labor union acting nationally for employees of an industry |
| Federation | overall umbrella labor organization having many affiliated local labor unions and providing extensive support services. Ex: AFL-CIO |
| Collective bargaining | Negotiation process between a union and the company that employs the union's members; the purpose is to find mutual agreements that are then formally contracted between management and the union. |
| Strike | agreement of workers, usually members of the union, to stop working. The objective is to push an employer to raise wages or improve working conditions. |
| Picketing | The traditional method of demonstrating that a labor union is on strike against an employer, whereby union members carry picket signs and walk in a line in front of their employers place of business. |
| Boycotts | organized effort to reduce the sales of a particular good that's intended to punish the producer or seller. Boycotts are promoted by labor unions to inflict harm on their companies and encourage their employers to settle labor disputes. |
| Featherbedding | a labor union practice of artificially increasing the number of workers employed even though the specific job or task can be completed with fewer workers. By increasing the demand for workers, featherbedding also keeps wages higher. |
