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Nonlabor Income
Refers to earnings that do not come from employment or work performed but from other sources such as investments, pensions, or inheritance.
Wage Rate
the standard amount of compensation given for labor services per unit of time, often expressed per hour or year.
Lump Sum Payment
A single payment made at a particular time, as opposed to multiple payments over time, often used in contexts like settlements or pensions.
Labor Income
Earnings derived from work or employment, including wages, salaries, commissions, and bonuses.
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