To understand what implied volatility (IV) is, you must first understand what volatility is. Volatility measures the amount that something changes (or in more fancy jargon, it measures the magnitude of change). For example...the price of gas is volatile.
Labor Organization Definition: A defined group of employees formed for the purposes of representing those employees with the employer as to the terms of a collective contract of employment. Related Terms: Union, Trade Union, Labor Union, Collective Bargaining, Disclaimer of Interest.
A labor union is an organization of employees that represents employees in dealings with employers on such matters as grievances, wages, benefits, overtime, work hours, and other conditions of employment. Unions are also active in politics and lobbying.