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DISCRIMINATION: Treating people differently based on some sort of group characteristic--like race, ethnic origin, or gender--rather then individual abilities. Discrimination is usually most prominent in employment and housing, but can filter into all aspects of life in many subtle ways. Discrimination tends to be inefficient because it limits the number of buyers or sellers that have access to a given market. Those who discriminate in this manner are, in essence, willing to pay extra for the privilege of associating only with "their own kind."
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LONG RUN, MACROECONOMICS In terms of the macroeconomic analysis of the aggregate market, a period of time in which all prices, especially wages, are flexible, and are able to achieve equilibrium levels. This is one of two macroeconomic time designations; the other is the short run. Long-run wage and price flexibility means that ALL markets, including resource markets and most notably labor markets, are in equilibrium, with neither surpluses nor shortages. Wage and price flexibility and the resulting resource market equilibria are the reason for the vertical long-run aggregate supply curve.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time searching for rummage sales wanting to buy either a toaster oven that has convection cooking or a birthday gift for your mother. Be on the lookout for infected paper cuts.
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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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"God grants victory to perseverance. " -- Simon Bolivar, South American liberator
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SSAP
Statement of Standard Accounting Practice
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