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.
Definition of Labor: The term 'labor', in Economics is used in a wider sense. It includes the work of skilled or unskilled, professional or amateur, salaried or non-salaried persons, etc., who put for the efforts mentally or bodily in return for some reward.