Parties that are not involved in industrial relations are customers. Industrial relations is concerned with the employer and the employee with their respective organization, at work or arising out of the working situation.Employees, courts and tribunals, employer associations- all are involved in industrial relations.

Marxist approach assumes that the understanding of industrial relations requires an understanding of the capitalized society. Marxists regard state intervention via legislation and the creation of industrial tribunals as supporting management’s interest rather than ensuring a balance between the competing groups.

The unitary approach of industrial relations states that the authority rests solely with the management with no right to anyone to challenge it. The unitary approach is based on the assumption that the organization is an integrated group of people with single authority/ loyalty structure and a set of common values, interests and objectives shared by all members of the organization.

The balance of power is not vested with any one group; rather, it is maintained between the parties to industrial relations. This is the essence of the pluralist approach of industrial relations. The pluralistic approach suggests that there is more than one source of power in the relationship between workers and business leaders. Unions are often a central component to the pluralistic approach that seeks a balance of power between leadership and employees.

Porter's force analysis aims at understanding the important forces of a industry such as supplier power, buyer power, competitive rivalry, threat of substitution and new entry to determine the degree of competition in the business. 

Industrial Relation is dynamic and developing in socioeconomic process- this is a true statement. Industrial relations is concerned with the employer and the employee with their respective organization, at work or arising out of the working situation. The objective of the industrial relations is to raise productivity in the organization to curb employees turnover.

Socialization of industries by making the state itself a major employer helps in better industrial relations- this is a true statement. By socialization of industries, social ownership of the resources can be created which will help to improve the industrial relations.

As per the Industrial Disputes Act, 1947, for a monthly paid workman the average pay means the average of wages payable in 3 months. Industrial Dispute Act, 1947 is applicable to whole of India. This act came into force from 1 April,1947. This act helps to regulate Indian labour law. It also looks after the concerns related to trade unions.

As per the Industrial Disputes Act, 1947 retrenchment does not include -
(1)Voluntary Retirement
(2)Retirement on reaching the age of superannuation
(3)Termination by non renewal of contract of employment
(4)Termination of employment on grounds of ill health
Industrial Dispute Act, 1947 is applicable to whole of India. This act came into force from 1 April,1947. This act helps to regulate Indian labour law. It also looks after the concerns related to trade unions.

Lock-out is an act on the part of the employers to close down the place of work until the workers agree to resume the work on the terms and conditions specified by the employers. A lock-out can be defined s a temporary work stoppage due to labour disputes.

As per the Industrial Disputes Act, 1947, an employer must give 21 days notice before changes in service condition. Industrial Dispute Act, 1947 is applicable to whole of India. This act came into force from 1 April,1947. This act helps to regulate Indian labour law. It also looks after the concerns related to trade unions.

Industrial Dispute Act, 1947 is applicable to whole of India. This act came into force from 1 April,1947. This act helps to regulate Indian labour law. It also looks after the concerns related to trade unions. As per the Industrial Disputes Act, 1947 layoff can be declared for following reasons:
1. Shortage of coal, power
2. Breakdown of machinery
3. Natural calamity
4. Shortage of raw material.

Under slow-down strike employees adopt go-slow tactics to put pressure on the employers. Slow-down strike can be defined as a form of protests from the employees where the employees deliberately perform inefficiently to reduce the output of the firm.