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Real income will rise from one year to the next if nominal income
Different Wages
The variation in earnings paid to employees for their work, often based on factors like experience, skill, job type, or geographical location.
Human-capital Investment
The process of acquiring and enhancing an individual's skills and knowledge, which increases potential productivity and earnings.
Discrimination
Unfair treatment of individuals based on characteristics such as race, gender, or age, rather than merit or performance.
Wage Differentials
The variation in wage rates due to factors such as occupation, industry, location, or the skills and experience of workers.
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