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Your friends think there is something wrong with their 16-year-old son. One week he says that he wants to be a rock star and the next he says that he wants to be a pediatrician. Your friends don't think that a normal adolescent can change identities so rapidly. Based on what you know about achieving an identity in adolescence what can you tell your friends to make them feel better?
Real Wages
The purchasing power of wages, adjusted for inflation, representing the quantity of goods and services that can be bought.
Consumer Price Index
An index measuring the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.
Base Year
The year with which other years are compared when an index is constructed: for example, a price index.
Minimum Wage
The lowest legal hourly pay for employees, set by government law.
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