BackLabor Unions and Collective Bargaining definitions
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1/15BackSkip to main contentBackLabor Union
An organized group of workers aiming to negotiate collectively for improved wages and working conditions. Collective Bargaining
A negotiation process where workers act as a group to secure better pay and workplace standards from employers. Industrial Revolution
A historical period marked by worker exploitation, prompting the rise of labor laws and organized worker groups. Labor Law
Regulations established to protect workers from exploitation and ensure fair treatment in the workplace. Labor Market Equilibrium
A state where the quantity of labor supplied matches the quantity demanded, determining wage and employment levels. Labor Supply
The total number of workers willing and able to work at various wage levels in a given market. Labor Demand
The total number of workers employers are willing to hire at different wage rates. Job Qualification Standard
Requirements such as training or certification that must be met to be eligible for certain employment positions. Apprenticeship Program
A structured training system combining technical education and practical experience for skill development. Marginal Production of Labor
The additional output generated by employing one more worker, often increased by higher skill levels. Minimum Wage Law
A legal requirement setting the lowest hourly pay employers can offer, often supported by worker organizations. Equilibrium Wage
The pay rate at which the number of workers employers want to hire equals the number of workers available. Union Membership
The proportion of workers belonging to organized labor groups within a workforce or country. Certification
Official recognition of a worker’s skills or training, often required for unionized positions. Technical School
An educational institution providing specialized training necessary for certain skilled trades or professions.
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