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Purchasing Power
The ability of an individual or entity to buy goods and services, essentially reflecting the amount of goods or services that one unit of currency can buy.
Nominal Wage
The wage measured in dollars of the year in question; the dollar amount on a paycheck.
Disposable Income
The sum of money households can use for expenditure and savings once income taxes are deducted.
Deflation
An economic condition characterized by a general decline in prices, often resulting in decreased consumer spending and increased unemployment.
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