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REAL WAGE: The inflation-adjusted purchasing power of the nominal wage. The real wage is commonly derived by dividing the nominal wage by the price level, indicates the physical quantities of goods and service that can be purchased with the nominal wage.
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MARGINAL COST The change in total cost (or total variable cost) resulting from a change in the quantity of output produced by a firm in the short run. Marginal cost (MC) indicates how much total cost changes for a given change in the quantity of output. Because changes in total cost are matched by changes in total variable cost in the short run (total fixed cost is fixed), marginal cost is the change in either total cost or total variable cost. It is found by dividing the change in total cost (or total variable cost) by the change in output. Marginal cost is one of four cost concepts used in short-run production analysis. The other three are average total cost, average fixed cost, and average variable cost.
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BLUE PLACIDOLA
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Today, you are likely to spend a great deal of time at a going out of business sale looking to buy either a small palm tree that will fit on your coffee table or several magazines on fashion design. Be on the lookout for deranged pelicans.
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Lombard Street is London's equivalent of New York's Wall Street.
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"You don't have to see the top of the staircase to take the first step.¾ " -- Martin Luther King, civil rights leader
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