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Wages
Payments made to workers for their labor, usually calculated on an hourly, daily, or piecework basis.
Salaries
Salaries refer to the regular payments made by employers to employees, typically on a monthly or bi-weekly basis, in exchange for their labor or services.
Shutting Down
A short-term decision by a firm to cease production due to market conditions, typically when revenue does not cover variable costs.
Fixed Costs
These are business expenses that remain constant regardless of the level of goods or services produced, such as rent, salaries, and insurance premiums.
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