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Define and explain how EBPP systems work. Describe each of the main EBPP business models.
Labor Union
An organization of workers formed to protect and advance their rights and interests.
Negotiated Wage
The result of collective bargaining between employers and employees (or their representatives), resulting in agreed-upon salaries.
Widget Industry
A generic term often used to refer to any industry producing unspecified or hypothetical products for illustrative examples in discussions.
Minimum Wage
The lowest legal wage that can be paid to workers, determined by government regulation.
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