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August 9, 2022 

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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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BENEFIT-COST ANALYSIS: An analytical technique that compares the benefit generated by an activity with its opportunity cost of production. The rule is that if benefits exceed costs, then the activity is efficient and should be undertaken. In some cases the end result of benefit-cost analysis is net benefits, which is benefits minus cost. A positive value means the activity is efficient. In other cases the end result of benefit-cost analysis is a benefit-cost ratio, which is benefits divided by costs. A ratio greater than 1.0 is thus the indication of an efficient activity.

     See also | opportunity cost | efficiency | benefit-cost ratio | government | market | price | household | business | public good | good types | ability-to-pay principle | benefit principle |


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BENEFIT-COST ANALYSIS, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2022. [Accessed: August 9, 2022].


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OPEN ECONOMY

An economy that engages in international trade, especially one that exports goods and services to, and imports goods and services from, other economies that make up its foreign sector. It is "open" in the sense that goods and services flow into and out of the country. The alternative to an open economy is a closed economy, one that does not engage in international trade.

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Today, you are likely to spend a great deal of time lost in your local discount super center trying to buy either a set of luggage without wheels or a how-to book on wine tasting. Be on the lookout for defective microphones.
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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
"Work is an extension of personality. It is achievement. It is one of the ways in which a person defines himself, measures his worth and his humanity. "

-- Peter Drucker, author

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