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(Figure: Nonequilibrium Wages) In the figure, wage at W3 will cause:
Technological Change
The process of innovation and development in technology, leading to new products, improved processes, and increased efficiency.
Production Processes
The methods and sequences of activities involved in the manufacture of goods, encompassing everything from material selection to final output.
Economic Growth
An increase in the capacity of an economy to produce goods and services, compared from one period of time to another.
Emerging Economies
Countries with developing industrial bases, experiencing rapid economic growth and increasing involvement in the global market.
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