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Income Distribution
The way in which total income is divided among the population or different groups in an economy.
Labor Market
The supply and demand for labor, where employers seek to hire workers and workers look for employment.
Equilibrium Level
The equilibrium level is the point at which market supply equals market demand, resulting in a stable market condition where there is no inherent tendency for change.
Median Earnings
The middle value of earnings in a given distribution, where half of the population earns less and the other half earns more.
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