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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 7: Market | Unit 5: Efficiency Page: 17 of 22

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Efficiency is one of the five basic goals of the economy. It's nice to have, if you can.
  • Efficiency is getting the most satisfaction of wants and needs from available resources.
  • Scarcity is less of a problem when resources are used efficiently.
  • Economists like markets because they can achieve efficiency under the right conditions. And because markets are self-correcting, they can achieve this efficiency without intervention.

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KEYNESIAN AGGREGATE SUPPLY CURVE

An aggregate supply curve--a graphical representation of the relation between real production and the price level--that reflects the basic principles of Keynesian economics. The Keynesian aggregate supply curve actually comes in two versions. The basic version is reverse-L shaped, with a horizontal segment connected to a vertical segment at a sharp corner. The modified version is also reverse-L shaped, but the vertical and horizontal segments have positive slopes and connecting corner is rounded. An alternative is the classical aggregate supply curve.

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YELLOW CHIPPEROON
[What's This?]

Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors looking to buy either a handcrafted bird feeder or a New York Yankees baseball cap. Be on the lookout for slightly overweight pizza delivery guys.
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This isn't me! What am I?

The word "fiscal" is derived from a Latin word meaning "moneybag."
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

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