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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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Lesson 12: Business Cycles | Unit 3: Measurement Page: 13 of 26

Topic: Leading <=PAGE BACK | PAGE NEXT=>

Leading economic indicators indicate business-cycle activity 3 or 12 months ahead. If leading indicators decline now, then the economy is likely to decline in 3 to 12 months.
  • Leading indicators are eleven statistics that precede changes in the economy.
  • Three notable leading indicators are stock market prices, the money supply, and consumer confidence.
  • The Composite Index of Leading Indicators, displayed in this chart, combines all eleven into a single number.
  • The Composite Index works better than individual indicators, but they are not perfect. Some declines not followed by a contraction.

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LOGROLLING

The trading of votes to ensure a favorable outcome for two or more separate decisions. Logrolling occurs when each of two people agree to vote for the other's project to ensure that both are passed. A votes for B and B votes for A. Logrolling is commonly used when neither decision is able to obtain the necessary majority of the votes needed for passage on their own accord. Explicit logrolling is when each of two voters agree to cast separate votes for two separate programs. Implicit logrolling is when two separate programs or policies are combined into a single package, which is then subject to a single vote. Logrolling can generate either an efficient or an inefficient allocation of resources, meaning that efficiency is irrelevant to the logrolling process.

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BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time surfing the Internet seeking to buy either an AC adapter that won't fry your computer or a case for your designer sunglasses. Be on the lookout for small children selling products door-to-door.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
"We must be willing to let go of the life we have planned, so as to have the life that is waiting for us. "

-- E. M. Forster, writer

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