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Describe the outputs of a systems approach to labour relations.
Labor Unions
Organizations formed by workers from related fields that work towards protecting their collective interests in terms of wages, working hours, and working conditions.
Rent
A regular payment made by a tenant to an owner for the use of the owner’s building, land, or other property.
Nominal Interest Rates
The interest rates before taking inflation into account, often quoted by financial institutions.
Real Interest Rates
The interest rate adjusted for inflation, representing the true cost of borrowing and the true yield on an investment.
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