Economics Lecture on Trade Unions

This set of flashcards covers key vocabulary and definitions related to trade unions, collective bargaining, and labor issues discussed in the economics lecture.

Trade Union

An association of workers of the same occupation or with a common employer who come together to protect and seek the interests of all members.

Collective Bargaining

The process by which trade union officials, representing workers, meet with employers to negotiate higher pay and better working conditions.

International Labour Organization (ILO)

An agency of the United Nations that deals with labor issues, promoting employment, ensuring workers’ rights, and improving working conditions.

Caribbean Congress of Labour

A regional trade union federation that represents trade unions concerns to CARICOM and other organizations in the Caribbean.

Craft Unions

Unions composed of workers who possess the same skill, such as electricians or accountants, often across different industries.

Industrial Unions

Unions representing most workers from a specific industry, such as dockers or seamen.

General Unions

Unions that open membership to all types of workers, skilled or unskilled, from various occupations and industries.

White-Collar Unions

Unions that emerged due to the large tertiary sector, including members from professions like teaching and nursing.

Costs of Trade Union Activities

Negative effects that union activities may produce, such as cost-push inflation, unemployment, and decreased economic activity.

Labour Market

The factor market where households sell labor and firms demand labor.