Examlex
Use a calculator to approximate to three decimal places.
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Real Income
The earning power of a person's money, considering the effects of inflation on purchasing power.
Wages
Payment to resource owners for their labor.
Externality
A consequence of an economic activity experienced by unrelated third parties; it can be either positive or negative.
Precision-estimates
The accuracy of an estimate in terms of how closely it predicts the actual value, often relevant in statistical analyses and forecasting.
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