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Real Wage
The purchasing power of an individual's or group's wages, often considered in terms of the amount of goods and services that can be bought.
Efficiency Wages
A theory suggesting employers may pay wages higher than the market equilibrium to increase productivity, reduce turnover, and motivate employees.
Worker Turnover
The rate at which employees leave a workforce and are replaced by new ones, which can affect organizational performance and costs.
Minimum Wage Laws
Legislation that sets the lowest hourly rate that employers can legally pay their employees.
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