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BENEFIT-COST ANALYSIS: An analytical technique that compares the benefit generated by an activity with its opportunity cost of production. The rule is that if benefits exceed costs, then the activity is efficient and should be undertaken. In some cases the end result of benefit-cost analysis is net benefits, which is benefits minus cost. A positive value means the activity is efficient. In other cases the end result of benefit-cost analysis is a benefit-cost ratio, which is benefits divided by costs. A ratio greater than 1.0 is thus the indication of an efficient activity.
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WAGES, AGGREGATE SUPPLY DETERMINANT One of several specific aggregate supply determinants assumed constant when the short-run aggregate supply curve is constructed, and that shifts the short-run aggregate supply curve when it changes. An increase in the wages causes a decrease (leftward shift) of the short-run aggregate supply curve. A decrease in the wages causes an increase (rightward shift) of the short-run aggregate supply curve. Other notable aggregate supply determinants include the technology, energy prices, and the capital stock. Wages are an example of a resource price aggregate supply determinant.
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ORANGE REBELOON
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Today, you are likely to spend a great deal of time looking for a downtown retail store wanting to buy either decorative picture frames or storage boxes for your income tax returns. Be on the lookout for celebrities who speak directly to you through your television.
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More money is spent on gardening than on any other hobby.
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"Never let the fear of striking out get in your way. " -- Babe Ruth
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