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June 14, 2024 

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WAGE: A factor payment to the owner of labor for using labor services in the production of goods and services. Wages are included in the National Income and Product Accounts maintained by the Bureau of Economic Analysis under the official title compensation of employees. Wages is the largest of the four factor payments, accounting for about 70% of the income earned by the household sector. The other factors of production (and their corresponding resource) are: interest (capital), rent (land), and profit (entrepreneurship).

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AGGLOMERATION: The clustering of several similar or related activities at the same location. Many industries have firms that tend to agglomerate, that is, locate very close to one another, leading to geographic concentration. For example, the motion picture industry is concentrated in California, the fashion industry is concentrated in New York, and the petroleum industry is concentrated in Texas. Agglomeration can be caused by accessibility to a concentrated natural resource (such as petroleum or sunny weather), but if often feeds upon itself through agglomeration economies. Firms in the same industry often have lower production cost when the located near their competitors.

     See also | spatial differentiation | competition along a line | agglomeration economies | weight | weight gaining | weight losing | location theory | attractive force |


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AXIOM

A basic precondition or assumption underlying a theory. Axioms are basic, unverifiable world view assumptions--including personal beliefs, political views, and cultural values--that form the foundation of a theory.

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Today, you are likely to spend a great deal of time wandering around the shopping mall hoping to buy either a T-shirt commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki or a wall poster commemorating the 2000 Olympics. Be on the lookout for telephone calls from former employers.
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In 1914, Ford paid workers who were age 22 or older $5 per day -- double the average wage offered by other car factories.
"Intense concentration hour after hour can bring out resources in people they didn't know they had. "

-- Edwin Land, inventor, entrepreneur

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