Unit III Nominal Wages Real Wages Sticky Wages
-Nominal wages: amount of money received by a worker per unit of time
-Real wages: amount of goods and services a worker can purchase with their nominal wages
-Real wages: amount of goods and services a worker can purchase with their nominal wages
-"purchasing power of nominal wages"
-Sticky wages: Nominal wage level is set according to an initial price level and does not vary due to labor contracts or other restrictions
No comments:
Post a Comment