Examlex
Refer to the exhibit. Which statement is true?
Service Industry
A sector of the economy that provides intangible products, such as healthcare, entertainment, retail, and financial services, instead of physical goods.
Wage Rate
The amount of compensation a worker receives per unit of time (e.g., per hour or year) for their labor.
Real Minimum Wage
The lowest legal hourly wage, adjusted for inflation, that employers can pay their workers.
Purchasing Power
The ability of an individual or group to buy goods and services with a given unit of currency or resources.
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