Examlex
The risk that the party on the other side of a financial transaction fails to meet its obligation is called
Probability
The likelihood of a particular event happening.
Moral Hazard
A situation in which one party engages in risky behavior or fails to act in good faith because another party bears the consequences or costs.
Taxi Driver
An individual who operates a car for hire to transport passengers as a profession.
Piece-rate Garment Worker
describes an employee in the clothing manufacturing sector who is paid based on the number of pieces or units they produce, rather than receiving an hourly wage.
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