Log out Go to App
Go to App

Learning Materials

Features

Discover

Chapter 14: Q. 15 (page 350)

What is a labor union?

Short Answer

Expert verified

A labor union is a group of workers that are usually from the same trade.

Step by step solution

01

Concept Introduction

Purpose of labor unions:

Union members collaborate to negotiate and enforce a contract with management that ensures the things that matter to you, such as fair pay, affordable health care, job security, and a predictable schedule.

02

Explanation

Labor unions are groups of workers who negotiate salaries and working conditions with employers. In a labor market, labor unions behave as a monopoly. They can easily negotiate higher salaries and working conditions with companies than any one worker. Collective bargaining is the process of negotiating between businesses and labor unions.

03

Final answer

Hence, labor unions are a group of workers that are industry-specific and perform similarly to democracies.

Unlock Step-by-Step Solutions & Ace Your Exams!

  • Full Textbook Solutions

    Get detailed explanations and key concepts

  • Unlimited Al creation

    Al flashcards, explanations, exams and more...

  • Ads-free access

    To over 500 millions flashcards

  • Money-back guarantee

    We refund you if you fail your exam.

Start your free trial

Over 30 million students worldwide already upgrade their learning with Vaia!

One App. One Place for Learning.

All the tools & learning materials you need for study success - in one app.

Get started for free

Most popular questions from this chapter

What determines the demand for labor for a firm with market power in the output market?

If immigration is reduced, what is the impact on the wage for low-skilled labor? Explain.

What is the marginal cost of labor for a firm that operates in a competitive labor market? How does this compare with the MCL for a monopsony?

Are unions and technological improvements complementary? Why or why not?

What are some of the most important laws that protect employee rights?
See all solutions

What do you think about this solution?

We value your feedback to improve our textbook solutions.

Study anywhere. Anytime. Across all devices.

Sign-up for free