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Glossary of terms

This glossary defines terms related to the economy and the job market.
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Absolute advantage

The economic situation in which a person or firm requires fewer resources (such as labor hours) to produce a given amount of goods or services relative to a competitor. Overall, American agricultural workers have an absolute advantage compared to China. The American farm worker produces over $70,000 of output per year, compared to a Chinese farm worker who produces about $3,000 worth of output per year.


Adverse Effect Wage Rate (AEWR)

The hourly wage rate that must be paid to foreign contract laborers under the H-2A program, a temporary federal agriculture program.


Agricultural employment

Workers employed in agriculture, including hired workers who are paid a wage or salary, unpaid family workers, the self-employed and migrant worke