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Zach and David decide to go exploring the forest behind their farm on a cold December day. They felt very cold when they initially got outdoors. However, they felt warmer five minutes later, despite having not done anything to warm themselves. This phenomenon is known as
Part-Time Employees
Workers who are employed for fewer hours than the full-time standard, often receiving reduced benefits and compensation.
Implicit Marginal Tax Rate
The amount of additional (marginal) earnings that must be paid explicitly in taxes or implicitly in the form of reduced income supplements. The marginal tax rate establishes the fraction of an additional dollar earned that an individual is permitted to keep, so it is an important determinant of the incentive to work and earn.
Poverty Level
The minimum level of income deemed necessary to achieve an adequate standard of living in a given country or region.
HealthCare Crisis
A critical situation that arises due to the inability of the healthcare system to adequately provide for the medical needs of the population.
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