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Explain the economic concept that reduces firms' chances of earning economic rents.
Outsourced Training
The practice of hiring external entities to conduct training programs for an organization’s employees.
Internal Recruiting
The process of filling job vacancies within an organization by considering current employees for promotion or transfer.
Ripple Effect
The continuing and spreading impact of an event or action, which can affect various aspects and individuals indirectly related to the initial occurrence.
External Recruiting
The process of looking outside a company to fill job vacancies, typically through advertisements, job fairs, or recruiting agencies.
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