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Word Count: 646
The definition of labor market is the market in which workers compete for jobs and employers compete for workers In labor market wages benefits and responsibilities of workers are bought and sold The differentiating factor of labor market from the other markets is the fact that supply and demand rule is not applicable In the old days workers slaves were bought and sold just like products and therefore labor market and product market showed major similarities Since the rise of human rights the slave issue has been solved and wages and benefits are used to compensate the hourly work of the worker In spite of the rise of worker rights there are still inequalities of strength between employees and the companies If the definition of labor market is thought over one can easily see the problem in the labor market The companies are stronger they can determine the rules of labor Since the companies are stronger and a single employee is defenseless against the whole company new factors must be brought into the equation to balance the strength difference The new factors are unions and collective bargaining With unions workers can unite and act stronger for demands The employers on the other hand unite to form their own unions In this picture there is still inequality favoring the employers The workers united however they still do not have the necessary tool or strength to negotiate their demands Therefore the ability to strike is given to the workers as a tool while the employers are equipped with the lock-out option With the unions and the new tools the environment for collective bargaining is set With collective bargaining the workers are stronger workers form unions and unions make demands from the employers for the workers It is definite that union can get more for the worker compared to an individual workers demand With collective bargaining the workers can go to strike to accept their demands An
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