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Global standardization, frequently used interchangeably with the term ____________________ refers first to standardization of products across markets.
Nominal Wage
The amount of money paid to a worker per unit of time, measured in current currency terms without adjustment for inflation.
Price Level
A general measure of current prices for every type of good or service created in the economy.
Real Wage
The purchasing power of an individual's earnings, adjusted for inflation, reflecting the actual goods and services that wages can buy.
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