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What are some causes of direct labor rate and efficiency variances?
Inertia
A tendency to do nothing or to remain unchanged, often used metaphorically to describe economic or financial systems' resistance to change.
Economic Models
Simplified representations of complex economic processes used to predict and analyze economic behaviors and outcomes.
Rational Behavior
Decision-making behavior that is consistent with logical or sensible choice, aiming to maximize personal advantage in terms of utility or profit.
Economic Actors
Individuals, households, businesses, and governments that make decisions about the allocation of resources and consumption of goods and services in an economy.
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