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Wage Rate
The amount of money that is paid to a worker per unit of time or per unit of output, often discussed in the context of labor markets.
Budget Equation
A mathematical representation of the constraint that the total value of goods and services a consumer can purchase is limited by their income.
Leisure
Free time not consumed by work or obligations, often used for relaxation, recreation, or other personal activities.
Nonlabor Income
Income received from sources other than employment or the direct exertion of labor, such as dividends, interest, and rental income.
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