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.
Unions are organizations that negotiate with corporations, businesses and other organizations on behalf of union members. There are trade unions, which represent workers who do a particular type of job, and industrial unions, which represent workers in a particular industry. The American Federation of Labor-Congress of Industrial Organizations (AFL-CIO) is a trade union, while the United Auto Workers (UAW) is an industrial union.