|
|
AGGREGATE SUPPLY DETERMINANTS: An assortment of ceteris paribus factors that affect both short-run aggregate supply and long-run aggregate supply, but which are assumed constant when the short-run and long-run aggregate supply curves are constructed. Changes in any of the aggregate supply determinants cause the short-run and long-run aggregate supply curves to shift. While a wide variety of specific ceteris paribus factors can cause the aggregate supply curves to shift, it's usually most convenient to group them into three broad categories -- resource quantity, resource quality, and resource prices.
Visit the GLOSS*arama
|
|
|
|
                           COMPENSATION OF EMPLOYEES: The official item in the National Income and Product Accounts maintained by the Bureau of Economics Analysis measuring wages earned by the household sector for supplying labor services. This is one of five official factor payments making up national income. The other four are net interest, rental income of persons, corporate profits, and proprietors' income. Compensation of employees is far and away the largest of the five factor payments, typically running about 70 percent of national income. Compensation of employees includes standard wages and salaries paid directly to employees, as well as assorted fringe benefits (health care, retirement, etc.) paid on behalf of employees to third parties. The official terms for these two components are: (1) wage and salary accruals and (2) supplements to wages and salaries. Wage and salary accruals, as might be expected is the larger of the two, coming in at around 80 percent of total compensation of employees, leaving supplements to wages and salaries at the remaining 20 percent.Compensation of employees includes more than just the typical wage payments that come to mind when the topic turns to compensating labor. This entry, of course, includes hourly wages paid to factory workers, clerical workers, retail sales clerks, farmhands, fast-food counter help, and other folks who clearly supply labor services to the production of GDP. But, this entry also includes monthly and annual wages to other folks who DO NOT immediately come to mind when the word labor is mentioned. Examples are the head of a Fortune 500 company, a professional athlete, and a popular motion picture actor. Their salaries might be measured in millions of dollars rather than thousands of dollars, but so long as they are being paid for using their physical and/or mental efforts in production, then their salaries are included in the compensation of employees entry.
Recommended Citation:COMPENSATION OF EMPLOYEES, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2020. [Accessed: February 25, 2020].
Check Out These Related Terms... | | | | | | | | | |
Or For A Little Background... | | | | | | | | |
And For Further Study... | | | | | | | | | | | |
Related Websites (Will Open in New Window)... | |
Search Again?
Back to the WEB*pedia
|
|
|
GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time calling an endless list of 800 numbers wanting to buy either a packet of address labels large enough for addresses of both the sender and the recipient or a key chain with a built-in flashlight and panic button. Be on the lookout for deranged pelicans.
Your Complete Scope
This isn't me! What am I?
|
|
|
A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
|
|
|
"Success without honor is an unseasoned dish; it will satisfy your hunger, but it won't taste good. " -- Joe Paterno, Football coach
|
|
MFN
Most-Favoured Nation
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
