Final answer:
The component not typically included in a typical labor contract is Business Philosophy. Labor contracts cover Management Rights, Union Security, and Wages & Benefits, but not the overarching strategic values or decisions of the company.
Step-by-step explanation:
The component not typically covered in a typical labor contract is C. Business Philosophy. A labor contract, also known as a collective bargaining agreement, usually includes provisions on Management Rights, the rights and responsibilities of the employer in operating the business and directing the workforce; Union Security, clauses that safeguard the existence and operations of the labor union; and Wages & Benefits, which detail the compensation, health insurance, pensions, and other benefits workers will receive.
Business Philosophy, on the other hand, refers to the strategic decisions and values that guide a company, which are not normally the subject of labor contracts. Such philosophies might influence the overall direction of the company but are generally not enforceable or relevant to the specifics of labor negotiations.