topic 4: owners managers and employees
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4 Terms
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Firm
A business organisation which employs people, purchases inputs to produce market goods and services and sets prices greater than the cost of production
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Contracts
Specify a set of actions that the parties involved should undertake
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Employment rent
Cost of job loss e.g. lost income while searching for a job
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Reservation wage
Value of next best option (other employment or unemployment benefits)
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