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A sole proprietor purchased an asset for $1,000 in 2019.Its value was $1,500 at the end of 2019.In 2020, the taxpayer sold the asset for $1,400.In 2020, the proprietor realized a taxable gain of $400 but an economic loss of
$100.
Demand for Labor
The total amount of workforce or labor hours that employers in the economy are willing and able to hire at a given wage rate.
Supply of Labor
The total hours that workers wish to work at a given wage rate, reflecting how many people are available to work.
Nominal Wage
The amount of money received by a worker per unit of time (hour, day, etc.); money wage.
Price Level
A measure of the average prices of goods and services in an economy, often used to evaluate inflation or deflation over time.
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