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1 Labor Union Practices        a.)  What is a labor union?

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1 Labor Union Practices        a.)  What is a labor union?

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An organization that seeks to increase the wages and improve the working conditions of its members.

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b.)Demand for union labor       How do unions affect the demand for labor

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b.)Demand for union labor       How do unions affect the demand for labor

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If the demand for a good decreases , then the demand or labor that produces the good decreases too. Most companies want their demand for labor to increase so wage rates increase , and all other things remain the same.

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Closed Shops only hire union members they hold down the number of workers to keep the supply of workers in that industry low and to keep wage rates high. Union shop don't require individuals to be union members to be hired right away but they would have to join a union in a certain time. A strike would only come when the union members pressure o an employer. Right - to - work laws make it illegal to require union membership for purposes of employment.

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Union Effects                                                            a.Union wages

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Union Effects                                                            a.Union wages

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One important economic study concluded that over period from 1920 to 1979 the average wage of union members was 10 to 15 percent higher than that of comparable nonunion labor

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The percentage wage rate for a nonunion is 10% to 15% less than a union wage.

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3. Two Views                                              Traditional View

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3. Two Views                                              Traditional View

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There are two major views of how labor unions affect production and efficiency. The traditional view holds that labor unions are an obstacle to establishing reasonable work standers and thus make companies that employ union labor less competitive.

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They believe that the labor union is valuable collective voice for its members.

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Government Regulation    a.) What is it and give some examples 

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Government Regulation    a.) What is it and give some examples 

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Regulations that government put on business and labor practices. Government often regulate business when it comes to issues such as air quality. Also they regulate labor markets , with regard to issues such as hiring practices and safety regulations. For example if a business wants to give protection to workers they have to talk it out with the health administration to participate and have regulations on how to protect workers from not getting hurt.

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Government Regulation                    b. Costs and Benefits- explain

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Government Regulation                    b. Costs and Benefits- explain

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Medical problems people face in the future, government regulation that ends up reducing the amount of pollution in the air surely helps those people reducing lost work time and health care costs. Benefits the environment and thus the people who enjoy nature and being outdoors.

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Companies have to look forward to their products to see if it wont be an effect to some categories. An example is a regulation requiring car companies to produce cars that get better fuel mileage might have an unintended effect.

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https://youtu.be/be0RVYpTGG8