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Describe the environmental factors affecting labour relations.
Government Takeover
An acquisition where a government assumes control over a company or industry, often to stabilize the sector or protect national interests.
Perfectly Competitive
A market structure characterized by many buyers and sellers, homogeneous products, and no barriers to entry or exit.
Price Setter
An entity, often a dominant firm or a monopoly, that has the ability to influence the market price of goods or services rather than being a price taker.
Price Taker
An individual or company that must accept prevailing prices in the market, having no influence over them.
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