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ADAM SMITH: A Scottish professor (born 1723, died 1790) who is considered the father of modern economics for his revolutionary book, entitled An Inquiry into the Nature and Causes of the Wealth of Nations published in 1776.

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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.

     See also | wage | labor | household sector | National Income and Product Accounts | Bureau of Economic Analysis | factor payments | national income | net interest | rental income of persons | corporate profits | proprietors' income |


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COMPENSATION OF EMPLOYEES, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2026. [Accessed: June 15, 2026].


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EXCHANGE RATE POLICIES

Policies undertaken by domestic governments often in conjunction with international financial organizations to control exchange rates through foreign exchange markets. The three most common exchange rate policies are flexible exchange rates, fixed exchange rates, and managed flexible exchange rates. Flexible exchange rates are allowed to adjust through unrestrained forces of demand and supply in the foreign exchange market. Fixed exchange rates are established at a given level. Managed flexible exchange rates are allowed to change within boundaries, but subject to control if they change too much.

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Parker Brothers, the folks who produce the Monopoly board game, prints more Monopoly money each year than real currency printed by the U.S. government.
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