Examlex
Most bad decisions are errors in judgment that originate in the human mind's limited capacity and in the natural biases of the manager.
Excess Supply
Occurs when the quantity of a good or service supplied is greater than the quantity demanded, often leading to a decrease in price.
Minimum Wage
The lowest legal salary that employers can pay their workers, established by government laws.
Labor Market
A marketplace where wages are determined, and workers are hired and fired.
Consumer Surplus
The difference in the total cost consumers are prepared and financially able to cover for a good or service, against the total cost they actually cover.
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