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Labor Economics
A branch of economics that studies the dynamics of the markets for wage labor, including demand and supply, wage determination, and labor productivity.
Normative Economics
A branch of economics that focuses on what the economy should be like or what particular policy actions should be recommended to achieve a desirable goal.
Formal Statement
A formal statement typically refers to an official, explicitly articulated declaration of facts, intentions, or principles.
Empirical Measure
A method or metric that is based on observation or experience rather than theory or pure logic.
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