Chapter 12.2, Problem 4R

To determine

To evaluate: The difference between craft union and industrial union.

Explanation of Solution

Craft union brings together workers who are engaged in a similar profession or skill but who may work for different employers and at different locations. In the era of the 19th century craft unions became official to raise wage rates and working conditions in England and the US.

Industrial unionism is a method of labor union organization in which all workers of the identical industry are grouped into the identical union regardless of skill or trade, thereby giving employers more leverage in negotiating and striking circumstances in one industry, or in all industries.

Economics Concept Introduction

Introduction: The labor market, relates to labor supply and demand, in which supply is generated by the workers and demand is given by the employers. It is a major component of every economy, and is closely correlated with money, commodities, and services markets.