UNIONS AND COLLECTIVE BARGAINING
A union is a worker association that bargains with employers over wages and working conditions.
In the 1940s and 1950s, when unions were at their peak, about a third of the U.S. labor force was unionized.
A union is a type of cartel attempting to exert its market power.
The process by which unions and firms agree on the terms of employment is called collective bargaining.
A strike will be organized if the union and the firm cannot reach an agreement.
A strike refers to when the union organizes a withdrawal of labor from the firm.