Welcome to ThinkIGCSE.com's comprehensive guide to trade unions! In this video, we dive deep into the definition and role of trade unions within the economy. Designed for IGCSE Economics students, this video explains how trade unions engage in collective bargaining, protect employment, and influence government policy. We also explore the advantages and disadvantages of trade union activity from the perspectives of workers, firms, and the government.
What you'll learn in this video:
Definition of a Trade Union: Understand what a trade union is and its fundamental purpose in representing and protecting workers' rights and interests.
Role of Trade Unions in the Economy:
Collective Bargaining: Learn how trade unions negotiate with employers on wages, working hours, and working conditions to improve members' livelihoods.
Employment Protection: Discover the strategies trade unions use to safeguard jobs and ensure fair treatment for workers.
Influencing Government Policy: Understand how trade unions advocate for policies that benefit the workforce and broader society.
Advantages of Trade Union Activity:
For Workers: Improved wages, better working conditions, job security, and representation in disputes with employers.
For Firms: Enhanced communication between management and employees, leading to increased productivity and reduced labor turnover.
For Government: A stable and motivated workforce, which can contribute to economic stability and growth.
Disadvantages of Trade Union Activity:
For Workers: Potential for strikes and industrial actions, which can result in lost income and job insecurity.
For Firms: Increased labor costs, potential for reduced flexibility in management decisions, and possible conflicts during negotiations.
For Government: Pressure to meet union demands, which can lead to budgetary constraints and economic policy challenges.
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Thank you for watching and happy studying!
