Final answer:
Collective bargaining is the negotiation process between a labor union and management to establish workers' wages and conditions.
Step-by-step explanation:
The term that refers to the negotiation and interaction between a labor union and management in the context mentioned is collective bargaining. Collective bargaining is the process in which the employer and union representatives meet to negotiate a mutually agreeable set of terms and conditions for the workforce. It is one of the primary functions of labor unions and is aimed at improving wages, working conditions, and benefits for union members.