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Nominal wages refer to the amount of money a worker receives in their paycheck. It represents the actual dollar amount paid to an employee for their work.
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Real Wages: Real wages take into account inflation and measure the purchasing power of workers' earnings.
Wage Stickiness: Wage stickiness refers to the resistance or inability of wages to adjust quickly in response to changes in economic conditions.
Cost-push Inflation: Cost-push inflation occurs when rising production costs, such as higher wages, lead to an increase in overall prices.