Toro Contracts Mando for a Job (The Mandalorian- Episode 5)

Mando is hired by Toro Calican, who is wanting admittance into the guild. By hiring Mando, he also licenses him. Licensing, which is an agreement that allows one party, Mando, permission to work for another party, Toro, results in a barrier to entry and in turn results in higher prices (wages). Barriers to Entry are an upfront fixed cost that must be incurred to gain entrance into a market. Given these higher wages, the new bounty hunter is willing to give the entire commission to Mando as the increased wages from being a guild member more than makes up for this short term cost. Toro is also going to gain on the job knowledge from learning from Mando, which is known as learning by doing. There is no other way for him to learn to be a bounty hunter than to work with (and learn from) Mando. This on-the-job knowledge can only be gained by performing a job and is very valuable in many fields, such as being a bounty hunter. Learn more about Licensing, Barriers to Entry, and on-the-Job Knowledge in this clip!

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