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WAGE: A factor payment to the owner of labor for using labor services in the production of goods and services. Wages are included in the National Income and Product Accounts maintained by the Bureau of Economic Analysis under the official title compensation of employees. Wages is the largest of the four factor payments, accounting for about 70% of the income earned by the household sector. The other factors of production (and their corresponding resource) are: interest (capital), rent (land), and profit (entrepreneurship).

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BALANCE OF TRADE

The difference between the value of goods and services exported out of a country and the value of goods and services imported into the country. The balance of trade is the official term for net exports that makes up the balance of payments. The balance of trade can be a "favorable" surplus (exports exceed imports) or an "unfavorable" deficit (imports exceed exports). The official balance of trade is separated into the balance of merchandise trade for tangible goods and the balance of services.

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APLS

PINK FADFLY
[What's This?]

Today, you are likely to spend a great deal of time at a flea market looking to buy either a pair of handcrafted oven mitts or a coffee table shaped like the state of Florida. Be on the lookout for jovial bank tellers.
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This isn't me! What am I?

Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
"It is the mark of an educated mind to be able to entertain a thought without accepting it."

-- Aristotle

RTA
Regional Trading Arrangement
A PEDestrian's Guide
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