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Explain how voting patterns of the elderly and the age of elected political officials affect government policies regarding the aged.
Efficiency Wage
A higher-than-market wage paid by employers to increase productivity and efficiency among workers by motivating them and reducing turnover.
Market-clearing Wage
The pay rate where the amount of labor offered matches the amount of labor required.
Electronic Devices
Gadgets and equipment that operate by controlling the flow of electrons or other electrically charged particles.
Efficiency Wage Model
A theory suggesting that higher wages lead to increased productivity by attracting higher quality workers and motivating all workers to avoid being fired.
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