Trade Union: A trade union is an association of wage earners for the purpose of maintaining and improving the conditions of their working lives.

Globalization: The process of liberalizing foreign trade, freer movement of people between nations, etc.

Capitalist Society: A society in which profit is the primary motive of all activities. There is no interference of govt. on economic activities.

Radical Perspective: It is a Marxist perspective. It assumes that the organization exists within a capitalist society where, production system is privately owned. Profit is…

Unitary Perspective: An organization with an integrated group of people, with a single authority.

Trade Unions: Trade Unions arc regarded as intrusions into the organization from outside which compete with management for the loyalty of employees.

Conflict: Conflict (i.e., the expression of employee dissatisfaction and differences with management) is perceived as an irrational activity.

Industrial Relations: It means relationships between management and workers in the industry.

Extrinsic rewards: Rewards one gets from the employer, usually money, a promotion or benefits.

Intrinsic rewards: Rewards that one gets from the job itself and that are usually self-initiated (having pride in one's own work, having a sense of…

Team incentive plan: Compensation plan where all team members receive an incentive bonus payment when production or service standards are met or exceeded.

Perquisites: Special benefits given to executives, often referred to as perks.

Gainsharing: The sharing with employees of greater - than expected gains in profits and/ or productivity.

Profit sharing: A scheme wherein employees agree to pay a particular portion of net profits to eligible employees.

Co-partnership: In this system, the employee gets his usual wages, a share in the profits of the company and a share in the management of…