What it is:
How it works/Example:
For example, let's say that the unionized workers of Company XYZ feel that they are underpaid. They have a meeting, and a majority of the union members vote to strike. The workers cease going to work, opting instead to picket outside the company until the management meets their demands.
Why it matters:
Official strikes are negotiating tactics with legal protections for striking workers. They are very controversial because in some cases, a strike can force the parties to negotiate more in earnest; in other cases (as with Twinkies maker Hostess Brands in 2012, for example), a strike can be the final blow anda company (and all of its workers) out of business.