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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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Lesson 7: Market Equilibrium | Unit 4: Adjustment
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Page: 14 of 22
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A shortage exists if the quantity demanded is greater than the quantity supplied at the current market price.- A shortage exists if the market price is 30 cents.
- The quantity supplied is 200 tapes and the quantity demanded is 600 tapes, giving a shortage of 400 tapes.
- This shortage induces the price to rise up to the equilibrium level of 50 cents.
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ECONOMIC COST An alternative term for opportunity cost, which is the highest valued alternative foregone in the pursuit of an activity. Opportunity cost, or economic cost, is one of the most fundamental concepts used in the study of economics, hence the reason it is also termed economic cost. Economic, or opportunity cost is also commonly termed just cost.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time searching for a specialty store wanting to buy either a birthday gift for your grandmother or a T-shirt commemorating yesterday. Be on the lookout for telephone calls from former employers.
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General Electric is the only stock from the original 1896 Dow Jones Industrial Average remaining in the current index.
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"Lord, where we are wrong, make us willing to change; where we are right, make us easy to live with. " -- Peter Marshall, US Senate chaplain
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R&D
Research and Development
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