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Briefly and concisely define the following terms and explain their relevance to the study of economics.
a. industrial and craft unions
b. closed shop
c. union shop
d. bilateral monopoly
e. collective-bargaining agreement
Flexible Work Schedules
Work arrangements that allow employees to vary their arrival and departure times, and/or choose their working hours, to accommodate personal needs and improve work-life balance.
Employee Motivation
The combination of internal and external factors that stimulate workers to take actions that lead to achieving work-related goals.
Managerial Tasks
The responsibilities and activities undertaken by managers, including planning, organizing, leading, and controlling, to achieve organizational objectives.
Productive Organizations
Organizations that efficiently and effectively use resources to meet their goals and generate outputs that are valued in the market.
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