Question

explain in your own 200 words

how does an union use its economic power? what are the various strategies it tries to use to mert its goals?

Answer 1

Q. How does a union use its economic power? What are the various strategies it tries to use to meet its goals?

Answer: As we know that union is an organization which help the members of the union in various ways such as negotiate with corporations, collective wage bargaining, member welfare etc. In other words Unions, just play a role like a middle man in the worker-employer dialogue to take decisions. The most important economic power of the union rests in the labour market. The union use economic power to restricting labour supply and increasing labour demand in the labour market. To do this It negotiates the wage that the employee should pay to the member of the union through collective bargaining. Union adopts strategies such as strike, the boycott of industries. When there is some specific demand of the union such as working hour, working condition etc. it strikes against the employee to get it fulfilled. Sometimes the union also boycott the industry i.e stop the labour supply if certain conditions are not fulfilled.