Difference between revisions of "Nominal"
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Latest revision as of 18:32, 11 March 2020
Nominal - (adjective)
Definition
As an economic term, ‘nominal’ relates to pay, prices, or rates that do not take into account the rate of inflation.
Extra
Source: Adapted from Cambridge English Dictionary
Example of Use: The nominal wage increase of 1% was lower than the rate of inflation, which meant that in real terms the workers were suffering a pay cut.