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5 terms

Microeconomics Chapter 13 Wage Determination

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wage rate
The price paid per unit of labor services
nominal wage
The amount of money received per hour, day, or year
real wage
The quantity of goods and services a worker can obtain with nominal wages
Germany
Country with the highest hourly wages of production workers
purely competitive labor market
A market in which numerous firms compete with one another in hiring a specific type of labor; each of many qualified workers with identical skills supplies that type of labor; individual firms and individual workers are "wage takers" since neither can exert any control over the market wage rate