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NOMINAL WAGE: The market wage paid to labor stated in current prices. This is the actual wage received by labor for performing productive work. The contrast is with real wage, which is nominal wage adjusted for inflation. Nominal wage is comparable to other nominals, including nominal gross domestic product.

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Lesson 14: Aggregate Supply | Unit 2: Two Options Page: 5 of 20

Topic: Long Run <=PAGE BACK | PAGE NEXT=>

In the long run all prices are flexible, which ensures that all markets are in equilibrium.
  • Prices rise to eliminate market shortages and fall to eliminate market surpluses, resulting in equilibrium.
  • Equilibrium in the labor market is particularly important:
    • In the long run, the labor market is characterized by both flexible prices and full employment.
    • The economy is operating on the boundary of the production possibilities curve.
  • The time it takes prices to adjust to correct market disequilibrium and get to the long run is critical to the study of macroeconomics and government policies.

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GROSS DOMESTIC PRODUCT, INCOME

A method of estimating gross domestic product (GDP) based on identifying the income (wages, rent, interest, and profit) received by the owners of the four factors of production (labor, capital, land, and entrepreneurship). This is one of two methods used by the Bureau of Economic Analysis in the National Income and Product Accounts to estimate gross domestic product. The other identifies total production from the expenditures by the four macroeconomic sectors.

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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time lost in your local discount super center seeking to buy either a microwave over that won't burn your popcorn or a T-shirt commemorating the first day of winter. Be on the lookout for jovial bank tellers.
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This isn't me! What am I?

The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
"The more you praise and celebrate your life, the more there is in life to celebrate."

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