Collective Bargaining Is the Process Whereby Union and Management Representatives

question 156

True/False

Collective bargaining is the process whereby union and management representatives negotiate a labor-management agreement, or contract, for workers.

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Definitions:

Unequal Distribution

A situation where resources, wealth, or opportunities are not evenly shared among members of a society.

Median Earnings

The midpoint of income distribution, meaning that half of the workers earn more than this amount and half earn less.

Labor Market

A marketplace where employers and employees interact concerning the exchange of labor for compensation.

Compensating Differentials

Salary differences that reflect the desirability of the job itself or the cost of living in the area where the job is located.