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INDUSTRIAL UNION: A labor union composed of workers in the same industry, often for several different firms, but no necessarily in the same occupation. Common examples of industrial unions represent workers in the automobile, steel, and textile industries. Industrial unions generally exert market control by establishing minimum wages paid to their members. The Congress of Industrial Organizations (CIO) began as a collection of industrial unions.

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EXCESS SUPPLY

A disequilibrium condition in a competitive market in which the quantity supplied is greater than the quantity demanded. Excess supply is another way to say surplus. It also goes by the common term of buyers' market. Excess supply is one of two disequilibrium states of the market. The other is excess demand (or shortage).

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