Trade Union Flashcards
1
Q
Def
A
An organisation of workers who group together to protect their interest such as wage demands, protecting employment, working conditions and health and safety
2
Q
Collective bargaining
A
The process by which employers negotiate the pay and condition for a group of workers in a single negotiation
3
Q
Under competitiveness conditions
A
The market is intially in equlibruim at WRc with Qc labour supplied and demanded
4
Q
The trade union decides that WRc is too low
A
None of its workers will work for less than WRtu making the supply perfectly price elastic putting a kink in the supply curve
5
Q
The firm profit maximising decision
A
Remains to employ workers up until where wage rate equal MRP
