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What Is the System of "Guanxi" Used in China

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What is the system of "guanxi" used in China?


Definitions:

Variable Costs

Costs that change in proportion to the level of goods or services that a business produces.

Labor Costs

The total expenses incurred by employing labor, including wages, salaries, and benefits.

Raw Materials

The basic material from which a product is made, often used in manufacturing and production processes.

Fixed Costs

Fixed costs are business expenses that remain constant regardless of the level of production or sales.

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