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On average, studies indicate that NAFTA's overall impact has been small but positive.
Higher Wages
Higher wages refer to an increase in the wage rate, leading to greater compensation for workers.
Real Wages
wages that have been adjusted for inflation, representing the actual purchasing power of income.
Contract
A legally binding agreement between two or more parties that is enforceable by law.
Income Effect
The variation in a person's or economy's earnings and its impact on the demand levels for a particular product or service.
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