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June 14, 2024 

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COMPENSATION OF EMPLOYEES: The official item in the National Income and Product Accounts maintained by the Bureau of Economic 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% of national income.

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BUSINESS CYCLE: The recurring expansions and contractions of the national economy (usually measured by real gross domestic product). A complete cycle typically lasts from three to five years, but could last ten years or more. It is divided into four phases -- expansion, peak, contraction, and trough. Unemployment inevitably rises during contractions and inflation tends to worsen during expansions. To avoid the inflation and unemployment problems of business cycles, the federal government frequently undertakes various fiscal and monetary policies.

     See also | real gross domestic product | economy | full-employment production | resources | aggregate expenditures | contraction | recession | expansion | peak | trough | recovery | unemployment | inflation | fiscal policy | monetary policy | business cycle phases | circular flow | business cycle measurement | economic indicators |


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MARKET-CLEARING PRICE

The price that exists when a market is clear of shortage and surplus, or is in equilibrium. Market-clearing price is a common, non-technical term for equilibrium price. In a market graph, the market-clearing price is found at the intersection of the demand curve and the supply curve.

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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time flipping through the yellow pages seeking to buy either a how-to book on surfing the Internet or a computer that can play music and burn CDs. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
"Intense concentration hour after hour can bring out resources in people they didn't know they had. "

-- Edwin Land, inventor, entrepreneur

PSID
Panel Study of Income Dynamics
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