mass production: the production of goods and services
on
a
large scale using division of labor and machinery or tech
nology. '
mediation: method for settling labor disputes in which a
third party makes non-binding suggestions (using a neutral
third party to settle a dispute by fostering compromise
among battling groups). Can be used in labor-management
disputes.
mercantilists: Some of the first modern economists
who believed that nations should behave like merchants com-
peting with one another; they wanted government support to
keep the nation's businesses competitive-merchandizing:
organizing the display and promotion of goods in retail
outlets.
merger: combination of previously separate firms into
one.
microeconomics: the study of the individual parts of
the economy, with special attention to the market process and
how it works.
