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SOCIAL SECURITY TAX: A tax on wage earnings that's used to fund the Social Security system. In principle, the Social Security tax is divided equally between employer and employee--your share is listed under the FICA heading of your paycheck. In practice, however, employees really end up paying both employee and employer contributes. The reason is that employers need to consider the entire cost of hiring an employee, including wages, fringe benefits, and assorted taxes. The more they pay in these nonwage items, like Social Security taxes, the less they pay in wages. In that the Social security tax is only on earnings, and excludes profit, interest, and rent, it tends to be a regressive tax.
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AVERAGE PRODUCT CURVE A curve that graphically illustrates the relation between average product and the quantity of the variable input, holding all other inputs fixed. This curve indicates the per unit output at each level of the variable input. The average product curve is one of three related curves used in the analysis of the short-run production of a firm. The other two are total product curve and marginal product curve.
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YELLOW CHIPPEROON
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Today, you are likely to spend a great deal of time lost in your local discount super center trying to buy either a how-to book on building remote controlled airplanes or an extra large beach blanket. Be on the lookout for a thesaurus filled with typos.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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"He who hesitates is poor. " -- Mel Brooks, writer, director, comedian
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QJE
Quarterly Journal of Economics
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