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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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ABSOLUTE ADVANTAGE The general ability to produce more goods or services using fewer resources. A person or country has an absolute advantage in production largely due to superior technology or greater technical efficiency. A related, but contrasting concept is comparative advantage. Both terms are perhaps most important to the study of international trade, but also provide insight into other exchanges.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time calling an endless list of 800 numbers hoping to buy either a flower arrangement with daisies and carnations for your uncle or a coffee cup commemorating next Thursday. Be on the lookout for defective microphones.
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Potato chips were invented in 1853 by a irritated chef repeatedly seeking to appease the hard to please Cornelius Vanderbilt who demanded french fried potatoes that were thinner and crisper than normal.
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"The way to gain a good reputation is to endeavor to be what you desire to appear. " -- Socrates, philosopher
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SCF
Survey of Consumer Finances
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