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Describe one negative consequence that has been linked to China's one-child policy,and explain how this consequence is impacting China.
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.
Short-Run Aggregate Supply
The aggregate volume of products and services that companies intend to sell within a brief period in the economy, based on existing price levels.
Long-Run Aggregate Supply
Represents the total production of goods and services in an economy at full employment, without any market frictions.
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