Mediation and Arbitration Are Two Methods Used to Handle Employee

question 33

Essay

Mediation and arbitration are two methods used to handle employee complaints and labour disputes.Describe mediation and identify the key difference between mediation and arbitration.

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Definitions:

Natural Rate

The unemployment rate at which the economy operates at full employment, where inflation is stable without accelerating.

Unemployment

A situation where individuals who are capable of working and are actively seeking a job are unable to find employment.

Labor Force

The sum of individuals in a country or particular region who have jobs or are actively looking for work.

Inflation Rate

The proportionate escalation in prices for goods and services within an economy during a specified time period.