| 单词 | real wages |
| 释义 | real wages Money wages deflated by a suitable price index. From an employee's point of view, the relevant price index is a consumer price index such as the Retail Price Index (RPI); real wages show what workers can consume. From the employer's point of view, the relevant price is the price of the firm's output: a rise in wages relative to prices decreases profitability and discourages employment. |
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