Explanation:

- Pluralist Approach:

- Believes power is distributed among various groups.

- Industrial relations involve negotiation and compromise.

- Recognizes unions and employers as separate, legitimate entities with different interests.

- Correct Answer: Power is balanced between parties.

- System Approach:

- Views industrial relations as a subsystem of society.

- Emphasizes interactions between institutions in maintaining order.

- Unitary Approach:

- Sees the organization as a unified group with a common purpose.

- Focuses on shared goals rather than conflicts between parties.

- Social Action Approach:

- Emphasizes the role of individual and collective actions.

- Focuses on human agency in shaping industrial relations dynamics.