Labor Union: A labor union is an organization formed by workers with common goals (such as improving working conditions) who unite for collective bargaining power with management.
Collective Bargaining: Collective bargaining refers to negotiations between employers (or management) and representatives of employees (usually labor unions) aimed at reaching agreements on wages, benefits, working conditions, etc.
Arbitration: Arbitration is a legal process where an impartial third party is appointed to make a binding decision on a dispute between parties who have failed to reach an agreement through negotiation.