Final answer:
Mediation and binding arbitration are techniques used to resolve disputes between management and labor. Mediation involves a trained mediator facilitating a discussion, while binding arbitration involves a neutral arbitrator making a legally binding decision.
Step-by-step explanation:
Mediation and binding arbitration are both techniques used to resolve disputes between management and labor. Mediation involves a trained mediator who helps facilitate a discussion between the two parties and works towards a mutually agreeable solution. The mediator does not have the power to make a legally binding decision. On the other hand, binding arbitration is a formal process where a neutral arbitrator listens to both sides and makes a final decision that is legally binding on both labor and management.