between nominal wage and real wage, which one is usually higher and why ?
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Nominal wages are the wages received by a worker in the form of money. ... On the other hand, real wages can be defined as the amount of goods and services that a worker purchases from his/her nominal.
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process
Explanation:
coming to nominal wage or money wage
is the literal amount of money you get paid
hour or by salary
and real wage or adjusted wage is the amount of pay a person can except to receive after factoring in the current inflation rate
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