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Distinguish the difference between a Keynesian AS curve and Neoclassical AS curve
Real Wages
The purchasing power of an individual's earnings, accounting for inflation.
Cost-Of-Living Increases
Adjustments to salaries or wages to offset the impact of inflation on purchasing power.
Job Evaluation
A systematic process used to assess the relative worth of jobs within an organization for the purpose of establishing fair compensation levels.
Private Sector
Part of the economy that is run by individuals and companies for profit and is not directly controlled by the state.
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