Examlex
Which of the following sentences avoidsslang or buzzwords?
Nominal Wages
The amount of money paid to employees before adjusting for inflation, representing the face value of earnings.
Real Wage
The purchasing power of wages, taking into account the impact of inflation on buying capabilities.
Price Level
refers to the average of current prices across the entire spectrum of goods and services produced in the economy.
Short-Run Aggregate Supply
The total supply of goods and services that firms in an economy plan on selling during a short time period, given the current price levels.
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