Nation Labour Relations Act, Nation Labour Relations Board, Natural Monopoly

Nation Labour Relations Act, Nation Labour Relations Board, Natural Monopoly :

Nation Labour Relations Act : A law that has been passed by the government whereby collective bargaining is an officially recognised act. It further declared particular labour practices by the employers as illegal.

Nation Labour Relations Board : An organisation which observes the relationship between the employers and the employees. The Nation Labour Relations Act had set it up.

Natural Monopoly : This kind of monopoly is enjoyed by a producer when there is a natural restriction on the other producers to enter the same domain of production, for example, the production of a particular product that has been protected by a patent. This kind of monopoly can be made legal under special circumstances whereby it will favour national welfare.

Nation Labour Relations Act

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