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When current flows through a resistor, the resistor becomes hot and dissipates heat.
Seasonal Unemployment
This refers to the phenomenon where individuals temporarily lose their jobs due to changes in the season, common in industries like agriculture or tourism.
Nominal Wage
Nominal wage is the amount of money that an employee receives from an employer as payment for work, without adjusting for inflation.
Real Wage
The purchasing power of wages, taking into account the effects of inflation or deflation, indicating the quantity of goods and services that can be bought.
Price Level
A uniform average of prices across the diverse range of economic goods and services.
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