Final answer:
A collective bargaining agreement (CBA) is a legal contract between an employer and a union, determined through collective bargaining, covering employment terms like wages and working conditions.
Step-by-step explanation:
A collective bargaining agreement (CBA) is a written legal contract between an employer and a union representing the employees. The CBA is the result of an extensive negotiation process known as collective bargaining, which involves the union and the employer discussing and settling on the terms and conditions of employment. This typically covers wages, hours, benefits, workplace safety, and other aspects of working conditions. Such agreements aim to balance power between the employer and the workforce by addressing the employees' interests collectively, rather than individually.
The effectiveness of a labor union in securing a CBA reflects its ability to operate similarly to a monopoly in the labor market, giving it greater negotiation power. Throughout history, particularly since the labor laws instituted during the Great Depression, the right to form unions and engage in collective bargaining has been recognized as an effort to improve working conditions and protect workers' rights.