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Jessica had applied for a job and now you have to tell her that she will not be hired. As a competent HR professional you are sending her a letter. In the letter, you have:
Inflation Rate
measures the annual percentage increase in the average price level of goods and services across the economy.
Nominal Wages
The amount of money paid to employees without adjustment for inflation, representing the face value of wages at the time of payment.
Real Wages
The purchasing power of wages, adjusted for inflation, reflecting the actual goods and services that money earned as wages can buy.
Labor Shortages
A situation in which employers have difficulty filling positions with qualified candidates, often due to a lack of available or skilled workers.
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