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Mike was sitting in his home watching a late-night baseball game when he heard what sounded like someone trying to break into his home.He immediately went to his closet and retrieved his 9mm.Within seconds,two men broke through the door armed with their own guns.Mike quickly shot both men and immediately called law enforcement.When first responders arrived on the scene,both intruders were pronounced dead.Mike was in shock that he was actually responsible for the death of two men.Within six months,Mike was informed that he was being sued by one of the intruder's family members for wrongful death.Mike is now faced with the prospect of losing his home.The intruder's family member who plans to sue Mike for wrongful death does so under
Real Wages
Income from labor, corrected for inflation to reflect the real buying capability.
Nominal Wages
Wages paid to labor in current currency terms, without adjustment for inflation.
Industrially Advanced
Describes economies that have a significant level of development and industrialization, often characterized by high per capita incomes and widespread infrastructure.
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