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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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AVERAGE FACTOR COST AND MARGINAL FACTOR COST A mathematical connection between average factor cost and marginal factor cost stating that the change in the average factor cost depends on a comparison between average factor cost and marginal factor cost. For perfect competition, with no market control, marginal factor cost is equal to average factor cost, and average factor cost does not change. For monopsony and other firms with market control, marginal factor cost is greater than average factor cost, and average factor cost rises.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club looking to buy either a how-to book on home repairs or a large, stuffed kitty cat. Be on the lookout for defective microphones.
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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.
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"An organization's ability to learn, and translate that learning into action rapidly, is the ultimate competitive business advantage. " -- Jack Welch, General Electric chief executive
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ACIR
Advisory Council on Intergovernmental Relations
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