Examlex
Explain why the growth curve shown in the figure below changes from a relatively flat line to a steeper upward line as the generation number increases.
Real Wages
The purchasing power of wages, taking into account the effects of inflation or deflation, which reflects the actual goods and services that wages can buy.
Nominal Wages
The amount of money paid to an employee before adjustments for inflation; the face value of wages.
Real Wage
The purchasing power of wages, taking into account the effect of inflation on purchasing power.
Nominal Wage
The wage paid to employees in current dollars without adjustment for inflation, reflecting the actual amount of money received.
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