ADMS 1000 Chapter Notes - Chapter 2: Independent Contractor, Limited Government, Employment Contract

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ADMS 1000 Full Course Notes
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ADMS 1000 Full Course Notes
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Our jobs help define who we are and how other perceive us. Employment: a relationship between an employer and an employee involving an exchange of labour power (work) for something of value such as wages or benefits. Employment contract: a contract that defines the terms and conditions of a contractual relationship between an employer and an employee. The contract may include reference to services to be performed, working hours, compensation, and other work-related obligations of the employer and employee. Employees: a person hired by an employer to perform work according to the terms of an employment contract. At the core of the employment relationship is basic exchange, employees sell their labour in exchange for compensation (wages) Independent contractors: independent contractors or the self-employed provide labour services in exchange for compensation. They run their own business rather than serving as an employee for another organization or person. Partners: individuals who share part ownership in a business.

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