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Describe the relationship between Japanese and U.S. labor relations. What are the important features of the Japanese labor relations system and how does the system differ from that of the U.S.?
Base Year
A specific year against which economic growth is measured by comparing other years to it in terms of prices, outputs, or employment.
Nominal GDP
Gross Domestic Product measured at current market prices, without adjusting for inflation, reflecting the value of all goods and services produced by a country within a specific period.
GDP Price Index
A measure that reflects changes in the price level of all goods and services included in the Gross Domestic Product, used to calculate real GDP.
Inflation
The pace at which overall prices for goods and services increase, gradually diminishing the value of money.
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