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NOMINAL WAGE: The market wage paid to labor stated in current prices. This is the actual wage received by labor for performing productive work. The contrast is with real wage, which is nominal wage adjusted for inflation. Nominal wage is comparable to other nominals, including nominal gross domestic product.
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Lesson 9: Consumer Demand | Unit 5: Taking Stock
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Page: 21 of 22
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Topic:
Two Considerations
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- The law of diminishing marginal utility sets the stage for understanding the law of demand.
- But it represents only part of the explanation.
- Two other considerations in our behind the scenes look at demand are:
- Constrained Choices
- If marginal utility is not zero, because of constrained utility maximization, then marginal utility is greater than zero and the price buyers are willing to pay is also greater than zero.
- Other Goods
- In the real world, I would not merely decide yes or no about the beach. I would weigh beach frolicking with other options.
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LOGROLLING The trading of votes to ensure a favorable outcome for two or more separate decisions. Logrolling occurs when each of two people agree to vote for the other's project to ensure that both are passed. A votes for B and B votes for A. Logrolling is commonly used when neither decision is able to obtain the necessary majority of the votes needed for passage on their own accord. Explicit logrolling is when each of two voters agree to cast separate votes for two separate programs. Implicit logrolling is when two separate programs or policies are combined into a single package, which is then subject to a single vote. Logrolling can generate either an efficient or an inefficient allocation of resources, meaning that efficiency is irrelevant to the logrolling process.
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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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"The greatest things ever done on Earth have been done little by little. " -- William Jennings Bryan
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ASX
Australian Stock Exchange
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