Examlex
Identify the key characteristics of good concepts.
Substitution Effect
The economic principle that as prices rise or incomes decrease, consumers will replace more expensive items with less costly alternatives.
Real Wages
Real wages refer to the purchasing power of wages, taking into account inflation, showing the quantity of goods and services that can be bought.
Legal Minimum Wage
The lowest hourly, daily, or monthly remuneration that employers are legally allowed to pay workers.
Equilibrium Wage Rate
The wage rate at which the quantity of labor supplied is equal to the quantity of labor demanded in the market.
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