Examlex
The IRR is defined as:
Low-Wage Nations
Countries where the general level of wages is significantly lower than in developed nations.
Productive
The ability to generate a significant amount of output (goods or services) per unit of input (labor, capital, etc.).
Merchandise Balance of Trade
The difference in value between a country's merchandise exports and merchandise imports over a certain period.
Negative
In an economic context, this term often implies a deficit or a diminishing amount in financial accounts or outcomes.
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