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<strong>FSA</strong> Federal Student Aid.
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wage contour (B)<br />The connected wage rates offered by firms with INTERNAL LABOUR MARKETS to persons in the E)..'TERNAL LABOUR MARKET. These are the 'key rates' for the few jobs at which a person can enter a firm; they are connected into a contour because competing firms in the external labour market cannot get out of line with other employers' wage offers.<br /><em>Reference</em><br />Dunlop, J. J. (1957) 'The task of contemporary wage theory', in G.M. Taylor and F.C. Pierson (eds) New Concepts in Wage Determination, pp. 117-39, New York: McGraw-Hill.
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bad (D6)<br />An output from economic activity which does not benefit consumers. Most bads are external costs associated with production, e.g. pollution and other health hazards. Bads must be taken into account when measuring the welfare conferred by a particular level of the national income.<br /><em>See also:</em> economic welfare; externality; good; illth; measure of economic welfare
mean deviation (C1)<br />The sum of the differences between the numbers of a set and the ARITHMETIC MEAN of the set, divided by the number of numbers in that set, e.g. for the set 3, 4, 5, 6, 7 whose arithmetic mean is 5, the mean deviation is [(3 - 5) + (4 - 5) + (5 - 5) + (6 - 5) + (7 - 5)] divided by 5, i.e.<br /> 1.2, ignoring signs after the differences have been calculated.
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