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Inefficient And Inequitable
Situations or systems that do not maximize resources or distribute outcomes fairly among participants.
Collective Bargaining
The process of negotiating the terms of employment between an employer and a group of workers.
Unions
Organizations formed by workers to protect their rights and interests through collective bargaining with employers.
Efficiency Wages
Wages set above the market-clearing level by employers to increase worker productivity, discourage turnover, and reduce shirking.
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