Archives: Terms

Definition of Warranty A warranty is a promise or guarantee provided by a seller or manufacturer that a product will perform as described or meet certain standards of quality and reliability. It serves as a formal assurance that any defects, malfunctions, or failures in the product within a specified period […]

Definition of Warranted Growth Rate The warranted growth rate refers to the steady-state rate of growth in an economy where the output growth is sustainable without causing imbalances or creating gaps between supply and demand. This rate ensures that all produced goods and services can be consumed with neither excess […]

Definition of Warrant A warrant is a financial instrument that grants the holder the right, but not the obligation, to buy or sell a specific underlying asset—typically a security or stock—at a predetermined price before the expiration date. Warrants are often issued by companies as a way to attract investors, […]

Definition of Wall Street Wall Street is a term often used to refer to the financial markets and investment activities in the United States, as well as the physical location in Lower Manhattan where many financial institutions, including the New York Stock Exchange (NYSE), are headquartered. It symbolizes the finance, […]

Definition of Wald Test The Wald test is a statistical test named after Abraham Wald, useful in the context of hypothesis testing in econometrics and regression analysis. It is designed to test the significance of individual coefficients in a statistical model, particularly within the framework of maximum likelihood estimation. In […]

Definition of Wagner Act The Wagner Act, formally known as the National Labor Relations Act (NLRA) of 1935, is a foundational statute in United States labor law that aims to protect the rights of employees and employers, encourage collective bargaining, and curtail certain private sector labor and management practices, which […]

Definition of Wages Council Wages Councils are regulatory bodies established by the government to set minimum wages and other employment terms for workers in certain industries. Their primary objectives are to protect workers from excessively low pay, ensure fair labor practices, and prevent exploitation. Wages Councils were especially prominent in […]

Definition of Wages Wages are the monetary compensation paid by an employer to an employee in exchange for work performed. Wages can be paid on an hourly, daily, weekly, or monthly basis, depending on the employment contract and the nature of the work. They are a crucial element of the […]

Definition of Wage Round A wage round refers to the periodic negotiation process between employers and employees (or their representatives) to determine wages, salaries, and other terms of employment. These negotiations often occur annually or biannually and can involve individual companies, industries, or entire economies. The primary goal of a […]

Definition of Wage Rigidity Wage rigidity refers to the situation where wages fail to adjust to changes in labor market conditions, resulting in either persistently high unemployment or labor shortages. It describes the resistance of wages to decline even in the face of decreased demand for labor or to increase […]