Final answer:
The area of overlap between the union's and management's bargaining ranges is called the bargaining zone. It represents the range of negotiation where both parties can agree on the terms and conditions of a contract.
Step-by-step explanation:
The area of overlap between the union's and management's bargaining ranges is called the bargaining zone. It represents the range of negotiation where both parties can agree on the terms and conditions of a contract.
During union wage negotiations, the bargaining zone is the range within which the union and management can find common ground and reach a mutually satisfactory agreement. It is the area where the two sides can compromise and make concessions to finalize a contract.
For example, let's say the union wants a wage increase of $2 per hour, while management is willing to offer a wage increase of $1.50. The bargaining zone would be the range between $1.50 and $2, where both parties could potentially agree on a wage increase amount.