1. LABOR UNIONS

2. Key Terms 1. Labor Union – organization of workers 2. Strike – workers refuse to work a. money b. benefits 3. lockout – when owners refuse to let workers come to work 4. collective bargaining – the negotiations between unions and ownership

3. I. Wagner Act A. Allows workers the right to organize and bargain collectively B. Also established the NLRB (National Labor Relations Board) to monitor labor unions

4. II. Taft-Hartley Act A. The President has the power to delay a strike

5. III. Unions affect on the market A. unions force owners to pay employees good wages B. the cost of increased wages falls to the consumer; increased prices