Economics Terms Lexicon - Authoritative Dictionary and Knowledge Tests

About Economics Terms Lexicon

Welcome to EconomicsTermsLexicon.com! Our site offers a comprehensive and authoritative dictionary of economic terms, providing detailed definitions and explanations. Each dictionary entry references books, official publications, and government websites to ensure accuracy and reliability.

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Wage Resistance
Examination of the difficulty in reducing wages, either in real or nominal terms.
Wage Rigidity
The tendency of wage rates to be ‘sticky’ and not adjust to clear the market in the short run.
Wage Round
A period of regular pay negotiations, usually when employees are unionized.
Wage–price spiral
Understanding the wage–price spiral, a phenomenon where wage and price increases perpetuate each other, contributing to ongoing inflation.
wage(s) - Definition and Meaning
Understanding Wage(s): Payment for work performed by employees, typically calculated based on hours worked, and contrasts with salaries received by independent contractors.
Wagner’s Law
An observation by Adolph Wagner on the increasing share of the public sector in GDP over time
Wald Test
The Wald Test is utilized for testing restrictions on unknown parameters based on the maximum likelihood estimation.
Walras's Law - Definition and Meaning
An examination of Walras's Law, which asserts that the value of excess demand in an economy is always zero.
Warrant - Definition and Meaning
A financial instrument granting the holder the right to purchase an underlying asset at a predetermined price.