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September 28, 2023 

AmosWEB means Economics with a Touch of Whimsy!

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ECONOMIC: Relating to economics or the study of the economy. This word is commonly added to other terms to emphasize its importance to economics. A few examples are economic cost, economic profit, economic goal, economic policies, and economic thinking.

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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.

     See also | real | nominal | wage | nominal wage | real gross domestic product | inflation | price level |


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REAL WAGE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2023. [Accessed: September 28, 2023].


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PRICE TAKER

A buyer or seller that has no market control and is not able to affect the price of a good. It must "take" or accept the going market price. The market structure that exemplifies price taker is perfect competition. In fact, perfect competition is the only example of price taker. This is one of two alternatives related to control over price. The other is price maker. Price taker is also termed price seeker.

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Today, you are likely to spend a great deal of time at a garage sale seeking to buy either a pair of red goulashes with shiny buckles or a handcrafted bird feeder. Be on the lookout for crowded shopping malls.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
"The way employees treat customers reflects the manner in which they're treated by management. "

-- James Perkins, president, Cornell University

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