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NOMINAL WAGE: The market wage paid to labor stated in current prices. This is the actual wage received by labor for performing productive work. The contrast is with real wage, which is nominal wage adjusted for inflation. Nominal wage is comparable to other nominals, including nominal gross domestic product.
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SUPPLY DECREASE A decrease in the willingness and ability of sellers to sell a good at the existing price, illustrated by a leftward shift of the supply curve. A decrease in supply is caused by a change in a supply determinant and results in a decrease in equilibrium quantity and an increase in equilibrium price. A supply decrease is one of two supply shocks to the market. The other is a supply increase.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club wanting to buy either a cross-cut paper shredder or a birthday greeting card for your father. Be on the lookout for telephone calls from long-lost relatives.
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This isn't me! What am I?
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Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
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"A stumble may prevent a fall. " -- Margaret Thatcher, British prime minister
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JEL
Journal of Economic Literature
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