The definition of “labor market” is the market in which workers compete for jobs and employers compete for workers. In the job market, workers' wages, benefits, and responsibilities are bought and sold. The factor differentiating the labor market from other markets is the fact that the rule of supply and demand is not applicable. In the past, workers (slaves) were bought and sold like commodities and, therefore, the labor market and the product market had great similarities. Since the rise of human rights, the issue of slavery has been resolved and wages (and benefits) are used to compensate for the hourly labor of the worker. Despite the rise of workers' rights, power inequalities remain between employees and companies. If we think about the definition of "labor market", we can easily see the problem of the labor market. Businesses are stronger; they can determine the rules of work. Since companies are stronger and a single employee is defenseless against the entire company, new factors must be introduced into the equation to balance the difference in strength. The new factors are unions and collective bargaining. With unions, workers can unite and act stronger to assert their demands. Employers, for their part, band together to form their own unions. In this context, inequalities remain in favor of employers. The workers united; however, they still do not have the tools or strength to negotiate their demands. Therefore, the option to strike is given to workers as a tool, while employers have the option of lockout. With unions and new tools, the environment for collective bargaining is in place. Say no to plagiarism. Get a tailor-made essay on “Why violent video games should not be banned”? Get an original essay With collective bargaining, workers are stronger; workers form unions and unions present demands to employers for workers. Certainly unions can get more for workers than an individual worker demands. Through collective bargaining, workers can strike to accept their demands. An individual worker does not have this possibility. The negative side of collective bargaining is that individual needs are not taken into consideration. In addition, within the framework of collective bargaining, the demands of the union majority are taken into consideration. An individual worker may not want to strike; however, if the union decides to strike, that person is forced to stop working and earning wages. With collective bargaining, the monthly salary, benefits and working hours are set on the bargaining table. Another negative aspect of collective bargaining is that both sides have extremely powerful weapons; strike and lockout. Any party with unacceptable demands may end negotiations and begin the strike/lockout phase. Another negative effect of collective bargaining and unions is the fact that if the union is strong, it can achieve very substantial gains compared to other unions in other sectors. Additionally, unions have their own costs. The cost of unions and collective bargaining is shared by both workers and.