Briefly and concisely define the following terms and explain their relevance to the study of economics

a. industrial and craft unions
b. closed shop
c. union shop
d. bilateral monopoly
e. collective-bargaining agreement

a. Industrial unions represent all types of workers in a single industry, while craft unions represent a particular type of skilled worker. Examples of industrial unions would be those representing auto workers or coal miners. Older craft unions have represented cigar makers, electricians, and many other skilled craftsmen. Currently, the AFL-CIO includes unions of both types.
b. A closed shop is an arrangement that permits only union members to be hired. Some object to this on the grounds that it gives the union too much power and prevents an employer from hiring as he wishes.
c. A union shop is an arrangement under which nonunion workers may be hired, but they must then join the union within a specified period of time. This increases the monopsony power of the union. The Taft-Hartley Act permits state governments to ban the union shop.
d. Bilateral monopoly refers to the market situation in which there are both a monopoly on the selling side and a monopsony on the buying side. In bilateral monopoly, the wage and quantity of labor are indeterminate; their levels depend upon the relative bargaining power of each side.
e. Collective bargaining agreements between labor and management are complex documents covering much more than employment and wage rates. Issues involved include fringe benefits, health insurance, and grievance procedures as well as wages and hours.