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Teenagers
Individuals typically aged between 13 and 19 years, characterized by puberty, a transition from childhood to adulthood, and increased independence.
Equilibrium Wage
The equilibrium wage is the wage rate at which the quantity of labor demanded by employers exactly matches the quantity of labor supplied by workers.
Minimum Wage
The lowest legal wage that employers can pay their workers. It's a labor policy tool used to ensure workers can earn a basic standard of living from their employment.
Shortage Of Labor
A situation in which the demand for labor exceeds the supply available, often leading to increased wages and a struggle for employers to fill job positions.
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