Examlex
When engaged in their work, people employ and express themselves:
Nominal Wage
Nominal wage is the amount of money that an employee receives from an employer as payment for work, without adjusting for inflation.
Real Wage
The purchasing power of wages, taking into account the effects of inflation or deflation, indicating the quantity of goods and services that can be bought.
Price Level
A uniform average of prices across the diverse range of economic goods and services.
Potential Output
The highest level of real gross domestic product (GDP) that can be sustained over the long term without increasing inflation.
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