The total amount of wages received by a country corrected by inflation.
Is basically the average monthly wage multiplied by the number of people in the labor force.
Real Wage = Money Wage / Price Index Real wage measures purchasing power, that is what an hour's labor can buy.
The real wage is the amount of money paid when adjusted for inflation. This wage will rise if the nominal wage rises.
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To calculate the real wage rate, you need to divide the nominal wage rate by the price level index. This will give you the purchasing power of your wages after accounting for inflation.
the wage measured in dollars of constant purchasing power; the wage measured in terms of the quantity of good and services it buys.
individual's actual purchasing power
Southampton Football Club is one of the clubs currently playing in the English Premier League. The wage bill of Southampton FC is 64 million pounds.
$6.00
purchasing power of maney
The hourly wage was not enough to cover the bill.