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January 18, 2019 

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COLLECTIVE BARGAINING: The negotiation process between a union and the company that employs the union's members -- usually going by the moniker of management. The purpose of collective bargaining is to find mutual agreement on wages, fringe benefits, workhours, promotion criteria, grievance procedures, and everything else that has to do with employment. The end result of this process is a collective bargaining agreement, which is a formal contract between management and the union. A negotiation process that breaks down without reaching an agreement might lead to a strike, lockout, or mediation.

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PRODUCT: A generic term for a tangible good, an intangible service, or an idea. This is the "output" of any production process. The product is also one variable of the marketing mix. Products are classified as consumer or business. Consumer products can be convenience, shopping, specialty, or unsought. Business products are raw materials, components, installation, equipment, accessories, and MRO type items.

     See also | production | supply | output | good | service | consumer products | business products | services | ideas | MRO | price | promotion | distribution | packaging | marketing mix |


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PRODUCT, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2019. [Accessed: January 18, 2019].


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CONSTRAINED UTILITY MAXIMIZATION

The process of obtaining the highest possible level of utility from the consumption of goods or services, under given restrictions, when the highest overall level of utility cannot be reached. The notion of constrained utility maximization is a modification of the more general utility maximization assumption. It is based on the recognition that consumers might be restricted from achieving the absolute maximum level of utility. The primary restrictions tend to be the amount of income available relative to price paid. Constrained utility maximization generally does reach the peak of the total utility curve.

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Today, you are likely to spend a great deal of time calling an endless list of 800 numbers trying to buy either storage boxes for your summer clothes or 500 feet of coaxial cable. Be on the lookout for high interest rates.
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Two and a half gallons of oil are needed to produce one automobile tire.
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