Knowing how a specific nominal fee is calculated is especially important before committing to pay one. In economics, nominal value is measured in terms of money, whereas real value is measured against goods or services. A real value is one which has been adjusted for inflation, enabling comparison of quantities as if the prices of goods had not changed on average. Changes in value in real terms therefore exclude the effect of inflation. In contrast with a real value, a nominal value has not been adjusted for inflation, and so changes in nominal value reflect at least in part the effect of inflation.
I work in the Space industry and the use of ‘nominal’ is very common amongst my non-English colleagues; even in the non-space parts of their lives. Nominal, a favourite word, meaning within prescribed limits; anything from ‘perfect’ to acceptable. Grammar Of or relating to a noun or word group that functions as a noun. Our guides will be available at a nominal charge fixed beforehand. One tends to think of participants in a process as nominal entities designated by noun phrases.
- Comparison of real and nominal gas prices 1996 to 2016, illustrating the formula for conversion.
- It can be found in the nominal performance of turbine cascades , two-hop radio repeaters and a wide variety of other kit.
- The term ‘nominal’ in economics and business generally refers to a number that has not been adjusted to take into account changes in price due to inflation or other factors.
- The Law Dictionary is not a law firm and this page should not be interpreted as creating an attorney-client or legal adviser relationship.
- Real value is a far more accurate measurement of value than nominal value.
Since then, local authorities have been entitled to charge a nominal fee for services. Not only time-series data, as above, but also cross-section data which depends on prices which may what does nominal fee mean vary geographically for example, can be adjusted in a similar way. For example, the total value of a good produced in a region of a country depends on both the amount and the price.
Relative prices of individual goods and services can decrease even if nominal prices are all increasing, because of inflation. So the nominal ruler in a constitutional monarchy is the king or queen, but the real power is in the hands of the elected prime minister. In the United Kingdom, the British monarch is also the nominal head of the Church of England; and those baptized in the Church who aren’t really churchgoers might be called nominal Christians.
Of or relating to a noun or word group that functions as a noun. The nominal voltage is 1.5 V, but the actual figure is usually higher. A T1 circuit sometimes is described as having a nominal transmission rate of 1.5 Mbps, although in reality the signaling rate is 1.544 Mbps and its payload is 1.536 Mbps. It is easier to say one point five Megabits per second or one and a half Megabits per second than one point five four four Megabits per second. It is not exact, but it is close enough for all but the most obnoxious purists.
Refer to each style’s convention regarding the best way to format page numbers and retrieval dates. Showing recent items.Search or use up and down arrow keys to select an item. In the aerospace industry, to say that something is “nominal” is to say it is within accepted parameters.
We must therefore eradicate this anomaly by ensuring that every pensioner pays only a nominal fee. Traditionally, people used to think of cruising as buffets and pizza and hot dogs. It’s not like that anymore, you have that if you want, but you really have some very high-end restaurants that are, for a nominal fee, very much worth it. Nominal costs are used to assess the purchasing power of a dollar. 9 The managing director has the nominal power but he is a paper tiger, and it is his assistant who actually runs the company. 4 She’s the nominal head of our college – the real work is done by her deputy. 3 As he was still not allowed to run a company, his wife became its nominal head.
Although nominal performance literally refers to nameplate data, the phrasing suggests a broadening of the concept beyond that. Here is the Waterhouse carburetor ad, which is compact compared to its “nominal size rating”, where size rating is determined from its performance. The next step was to solidify these bins by specifying performance of, say, an 8lb cannon. These were tested with a calibrated shot and a standardized charge of powder, further reducing the variations among manufacturers. “Nominal” came to be associated with the idea that it will work fine with all the other components so named and binned. A half-inch bolt fits inside a hole drilled by a half-inch bit. By 1900, there were a fair number of “nominal sizing” systems out there, covering areas such as plumbing, arms, and tooling.
A fee can be called nominal when it’s small in comparison to the value of what it buys. So, for example, you might sell a friend a good piece of furniture for a nominal amount. And the charge for a doctor’s visit might be a nominal $20, since most of the cost is covered by an insurance plan.
Definition Of ’nominal’
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The results will include words and phrases from the general dictionary as well as entries from the collaborative one. Nominal wages have risen 50 percent, but real wages are down because of inflation.
The trajectory that the spacecraft follows does not always practice following the nominal trajectory. However, when someone tells you that “the spacecraft trajectory is nominal”, they mean that its actual trajectory is currently following the nominal trajectory. The definition of nominal is something that has almost no Accounting Periods and Methods value or something that exists in name only. Of or relating to an amount or rate that is not adjusted for inflation. This is the American English definition of nominal.View British English definition of nominal. American definition and synonyms of nominal from the online English dictionary from Macmillan Education.
Using the Friction Loss Chart as described above, the minimum nominal size of the main line is 3/4 inch. There are then individuals for whom religion plays only a nominal role in constructing a sense of self and of group membership. As a final step, divide the real value by the factor too obtain the nominal value. An example of nominal is when a person in a court case is minimal damages of only $1 because he was wronged but didn’t actually suffer any harm. Without adjustment to remove the effects of inflation; contrasted with real.
In a contract, nominal consideration is considered a slight formality of a contrived exchange. For example, Party A wants to enter a contract to give Party B $5,000 and requests that Party B gives them a pencil in return. The promise from Party B is inconsequential to the promise of the larger gift from Party A, but adding the promise of a return item in exchange for the money makes the agreement enforceable by law. Nominal is a financial term that has several different contexts. It can mean small or far below the real value or cost such as a nominal fee. Nominal also refers to an unadjusted rate in value such as interest rates or GDP. A nominal fee is also sometimes used to signify a type of contract.
A nominal fee is a payment or purchase price like any other fee. However, the use of the work “nominal” implies that the fee is small in comparison to the true value of what you can purchase with it. Real costs are used to better understand the change of the value of a good or service over time. Because they account for inflation, real costs are a good barometer for the scarcity inherent in the market for that particular commodity.
A nominal plaintiff is one in whose name an action is brought, for the use of another. In this case, the nominal plaintiff has no control over the action, nor is he responsible for costs.
Examples Of Nominal In A Sentence
Showholders publish a classlist and invite people to enter for a nominal fee. Many pensioners living in hostels already avoid the full payment by paying 10p a week or a nominal fee. My amendment would be helpful and would meet the point about having a nominal fee.
I am a control systems engineer and, although I am not a sapce engineer, like many engineers I am faced with the use of the word nominal in specifications. Its use is clearly not in line with its etymologocal roots. I interpret its meaning as ‘the variables of interest are at the required values’. From an engineering point of view there is no need to consider whether they are within tolerances or not that is agiven part of the engineering. I am guessing that soemone had to make up a rocket launch vernacular to succinctly state that all is OK during a process that has to meet strict time limits.
So, at least at the beginning of the first term, each had nominal allies at the Capitol. There is also a stamp duty of 4 percent and a nominal land registry fee, brokers said. Nominal damages may be paid in court to accept responsibility even when no injury or harm occured. The word in the example sentence does not match the entry word. You can go to the definition of nominalor the definition of fee. If by any chance you spot an inappropriate image within your search results please use this form to let us know, and we’ll take care of it shortly.
Words Near Nominal In The Dictionary
… Different companies use different rates to convert nominal values to real values. The biggest take-away from the concept of nominal and real values is that money in one time period is not directly comparable to money in another time period. Some businesses may charge a nominal fee for certain services or goods regardless of the value. A condo complex might charge tenants a nominal fee of normal balance $20 per month for parking garage privileges even though the actual cost of other nearby parking garages may be $200 per month. An insurance company charges a nominal fee for insurance coverage even though the value of the items is much higher than the coverage fees. Nominal fees are sometimes paid to acknowledge receipt of an item or service regardless of the value of such item or service.
Other Words From Nominal
28 As he was still not allowed to run a company, his wife became its nominal head. 20 Inflation would be lower and so nominal rates would be rather more attractive in real terms. 19 The managing director has the nominal power but he is a paper tiger, and it is his assistant who actually runs the company. 5 She’s the nominal head of our college – the real work is done by her deputy.
Nominal GDP in a particular period reflects prices that were current at the time, whereas real GDP compensates for inflation. National Income and Product Accounts are constructed from bundles of commodities and their respective prices. In the case of GDP, a suitable price index is the GDP price index. National Income and Product Accounts, nominal GDP is called GDP in current dollars , and real GDP is called GDP in [base-year] dollars .
Real estate transactions are always part of public record, but using nominal consideration can hide the actual value of the property. Instead of saying the actual cost of the property, the record would say that the payment on a house was $10. This often occurs if the buyer or seller wants to hide the actual amount of the payment. Nominal consideration is an offer from one party of an agreement to another party that doesn’t have any value in relation to the consideration being offered by the other party. On occasion, nominal consideration can support a contract that is enforceable, but only if the consideration is still acceptable according to the terms and conditions of the contract. I do not have a factual answer to this question but I hope I can direct the search towards an answer.