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October 26, 2014 

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REAL WAGE: The inflation-adjusted purchasing power of the nominal wage. The real wage is commonly derived by dividing the nominal wage by the price level, indicates the physical quantities of goods and service that can be purchased with the nominal wage.

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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 |


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PRINCIPLE OF THE MEDIAN VOTER, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2014. [Accessed: October 26, 2014].


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SEVEN ECONOMIC RULES

A set of seven fundamental notions that reflect the study of economics and how the economy operates. They are: (1) scarcity, (2) subjectivity, (3) inequality, (4) competition, (5) imperfection, (6) ignorance, and (7) complexity.

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APLS

State of the ECONOMY

Building Permits
August 2014
998,000
Down 5.6% from July 2014

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GREEN LOGIGUIN
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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 dozen high trajectory optic orange golf balls or a large red and white striped beach towel. Be on the lookout for a thesaurus filled with typos.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
"Never let the fear of striking out get in your way. "

-- Babe Ruth, baseball player

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