http://www.constructionequipmentguide.com/Unions-Condemn-NLPCs-Economic-Impact-Study/2478/

In the article entitled “The Economic Effects of Labor Unions Revisited,” Vedder and Galloway attempt to prove statistically, using historical data, that labor unions do not have a good effect on the economy. Read the article, and explain the following microeconomic concepts that the authors discuss and how they are related to unions:

Demand, supply, and equilibrium wage rates of labor
Unemployment
Real GDP and economic growth
Income per capita
Population growth and aging
The article focuses on harmful economic effects, but also mentions some positive aspects. What are they?

Describe and apply the economic perspectives of scarcity and opportunity costs.
Explain and apply the economic concepts of absolute and comparative advantage.
Analyze current news events and apply basic economic concepts to everyday problems and situations.
Utilize the tools of economics for decision making for a firm operating in a market economy
Cite examples of the various forms of market structure: pure competition, monopolistic competition, oligopoly and monopoly
Discuss the impact of current economic trends and realities on politics, the workplace and the quality of individual lives.