Define Mediation and Arbitration,and Briefly Describe the Basic Process Used

question 4

Essay

Define mediation and arbitration,and briefly describe the basic process used in each.

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Definitions:

Private Saving

The portion of individual or household income that is not consumed or taxed, often saved or invested for future use.

National Saving

The total of private and public savings in a country, representing the portion of national income not consumed or spent by the government.

Closed Economy

A type of economic system where a country does not engage in trade with other countries, aiming to be self-sufficient.

Long-Term Bonds

Are debt securities with a maturity date extending beyond ten years, offering an investor fixed interest payments over a long duration.