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249.2
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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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PRINCIPLE OF THE MEDIAN VOTER: A voting principle stating that the median voter determines the outcome of an election governed by majority rule. The median voter is the one with an equal number of voters on either side of the vote. As such, the vote cast by THE median voter is the deciding or majority vote. However, this median voter's preference might not generate the best, that is, efficient, result. See also | public choice | majority rule | super majority rule | unanimity rule | plurality rule | voter paradox | logrolling | explicit logrolling | implicit logrolling | Tiebout hypothesis | principal-agent problem | principle of median location |
Recommended Citation:PRINCIPLE OF THE MEDIAN VOTER, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2015. [Accessed: January 27, 2015].
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WAGES, AGGREGATE SUPPLY DETERMINANT One of several specific aggregate supply determinants assumed constant when the short-run aggregate supply curve is constructed, and that shifts the short-run aggregate supply curve when it changes. An increase in the wages causes a decrease (leftward shift) of the short-run aggregate supply curve. A decrease in the wages causes an increase (rightward shift) of the short-run aggregate supply curve. Other notable aggregate supply determinants include the technology, energy prices, and the capital stock. Wages are an example of a resource price aggregate supply determinant.
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State of the ECONOMY
Real GDP
Third Quarter 2014
$17,599.8 Billion (Annual Rate) Source: BEA
Up 5.0% Final Estimate
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time going from convenience store to convenience store looking to buy either a 50-foot blue garden hose or a turbo-powered vacuum cleaner. Be on the lookout for strangers with large satchels of used undergarments.
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This isn't me! What am I?
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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"Don't judge each day by the harvest you reap, but by the seeds you plant." -- Robert Louis Stevenson, Author
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FIFO
First In First Out
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