Examlex
The proletariat represents the middle class.
Long Run
A period in which all inputs and factors of production can be varied, and all costs are variable, allowing for complete adjustment to changes.
Recession
A temporary downturn in economic activity, characterized by decreased trade and industrial production, usually recognized by consecutive quarters of declining GDP.
Expected Price Level
The price level consumers, producers, and investors anticipate in the future, influencing their economic decisions in the present.
Wage Bargaining
The negotiation process between employees (or their representatives) and employers regarding the terms of employment, focusing primarily on salary or wage levels.
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