The term bargaining power refers to an individual or group's ability to negotiate and influence outcomes in a situation. In other words, it is the strength that one has to make demands, ask for concessions, or try to change the terms of an agreement in their favor. This concept can be applied in various contexts such as labor-management relations, international trade negotiations, consumer purchasing decisions and even personal relationships. The level of bargaining power that one has is often determined by factors such as supply and demand, market conditions, and the availability of alternatives. In essence, it refers to an individual or group's ability to influence the outcome of a negotiation in their favor.