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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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AGGREGATE DEMAND INCREASE, LONG-RUN AGGREGATE MARKET A shock to the long-run aggregate market caused by an increase in aggregate demand resulting in and illustrated by a rightward shift of the aggregate demand curve. An increase in aggregate demand in the long-run aggregate market results in an increase in the price level but no change in real production. The level of real production resulting from the aggregate demand shock is full-employment real production.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time wandering around the downtown area trying to buy either a pair of red and purple designer socks or a T-shirt commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki. Be on the lookout for jovial bank tellers.
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This isn't me! What am I?
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
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"The greatest use of life is to spend it for something that will outlast it." -- William James, psychologist
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PSBR
Public Sector Debt Repayment
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