In economics , nominal value refers to value measured in terms of absolute money amounts, whereas real value is considered and measured against the actual goods or services for which it can be exchanged at a given time. Real value takes into account inflation and the value of an asset in relation to its purchasing power . In macroeconomics, the real gross domestic product compensates for inflation so economists can exclude inflation from growth figures, and see how much an economy actually grows. Nominal GDP would include inflation, and thus be higher.
55-465: Pittsgrove Township is a township in Salem County , in the U.S. state of New Jersey . As of the 2020 United States census , the township's population was 8,777, a decrease of 616 (−6.6%) from the 2010 census count of 9,393, which in turn reflected an increase of 500 (+5.6%) from the 8,893 counted in the 2000 census . Pittsgrove Township was formed by Royal charter on December 6, 1769 and
110-451: A commodity bundle tends to change over time. In contrast, by definition, the real value of the commodity bundle in aggregate remains the same over time. The real values of individual goods or commodities may rise or fall against each other, in relative terms, but a representative commodity bundle as a whole retains its real value as a constant from one period to the next. Real values can for example be expressed in constant 1992 dollars , with
165-411: A commodity bundle. A price index can be measured over time, or at different locations or markets. If it is measured over time, it is a series of values P t {\displaystyle P_{t}} over time t {\displaystyle t} . A time series price index is calculated relative to a base or reference date. P 0 {\displaystyle P_{0}}
220-609: A countywide basis are: Clerk Dale A. Cross (R, Pennsville Township , 2024), Sheriff Charles M. Miller (R, Salem , 2024) and Surrogate Nicki A. Burke (D, Woodstown , 2025). As of March 2011, there were a total of 5,928 registered voters in Pittsgrove Township, of which 1,618 (27.3% vs. 30.6% countywide) were registered as Democrats , 1,223 (20.6% vs. 21.0%) were registered as Republicans and 3,085 (52.0% vs. 48.4%) were registered as Unaffiliated . There were 2 voters registered as either Libertarians or Greens . Among
275-416: A one-year term. Partisan elections are allowed under this law. Voters may initiate a referendum to change the membership to consist of either 3 or 5 members. While many township committees directly supervise the operation of their municipality, the revised act allows the committee to delegate all or a portion of its responsibilities to an appointed municipal administrator. A number of municipalities changed to
330-639: A staggered basis, with either one or two seats coming up for election each year. At an annual reorganization meeting held in the beginning of January, the board selects a Director and a Deputy Director from among its members. As of 2024, Salem County's Commissioners (with party, residence, and term-end year listed in parentheses) are: Director Benjamin H. Laury ( R , Elmer , 2024), Deputy Director Gordon J. "Mickey" Ostrum Jr. (R, Pilesgrove Township , 2024), Cordy Taylor (R, Oldmans Township , 2025), Ed Ramsey (R, Pittsgrove Township , 2026) and Daniel Timmerman (R, Elmer, 2025). Constitutional officers elected on
385-470: A township, as townships are equivalent to all other forms of local municipalities. Municipalities in New Jersey may be classified into one of five types , of which townships are one. Townships may retain the township form of government, or adopt one of the modern forms of government, which are not restricted to a particular type of municipality. In New Jersey, a municipality's name (such as X Township)
440-684: A turnout of 72.7% (vs. 71.0% in the whole county). In the 2013 gubernatorial election , Republican Chris Christie received 64.0% of the vote (1,764 cast), ahead of Democrat Barbara Buono with 33.6% (926 votes), and other candidates with 2.4% (67 votes), among the 2,908 ballots cast by the township's 6,077 registered voters (151 ballots were spoiled), for a turnout of 47.9%. In the 2009 gubernatorial election , Republican Chris Christie received 1,422 votes (46.9% vs. 46.1% countywide), ahead of Democrat Jon Corzine with 1,198 votes (39.5% vs. 39.9%), Independent Chris Daggett with 243 votes (8.0% vs. 9.7%) and other candidates with 43 votes (1.4% vs. 2.0%), among
495-490: Is a financial asset , g t {\displaystyle g_{t}} is a nominal interest rate and r t {\displaystyle r_{t}} is the corresponding real interest rate ; the first-order approximation r t = g t − i t {\displaystyle r_{t}=g_{t}-i_{t}} is known as the Fisher equation . Looking back into
550-546: Is located in the 2nd Congressional District and is part of New Jersey's 3rd state legislative district. For the 118th United States Congress , New Jersey's 2nd congressional district is represented by Jeff Van Drew ( R , Dennis Township ). New Jersey is represented in the United States Senate by Democrats Cory Booker ( Newark , term ends 2027) and George Helmy ( Mountain Lakes , term ends 2024). For
605-466: Is not necessarily an indication of its form of government. In New Jersey, the township form of government consists of a three to five-member township committee usually elected at-large in partisan elections. At its organization meeting, held after an election, the committee selects one of its elected members to serve as mayor and preside at meetings. The other members of the township committee serve as commissioners of various township departments, overseeing
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#1732783903935660-631: Is protected by the New Jersey State Police . American Legion Ambulance Corps (who purchased the Elmer Ambulance Corps in 2018) and Norma/Alliance Rescue provide EMS services to the township. Centerton Fire Company, Willow Grove Fire Company, and Norma/Alliance Fire Rescue provide fire protection services for the township. People who were born in, residents of, or otherwise closely associated with Pittsgrove Township include: Township (New Jersey) A township , in
715-411: Is the change in the price index divided by the price index value at time t − 1 {\displaystyle t-1} : i t = P t − P t − 1 P t − 1 {\displaystyle i_{t}={\frac {P_{t}-P_{t-1}}{P_{t-1}}}} expressed as a percentage. The nominal value of
770-553: Is the inflation rate. For values of i t {\displaystyle i_{t}} between −1 and 1 (i.e. ±100 percent), we have the Taylor series so Hence as a first-order ( i.e. linear) approximation, The bundle of goods used to measure the Consumer Price Index (CPI) is applicable to consumers. So for wage earners as consumers, an appropriate way to measure real wages (the buying power of wages)
825-457: Is the value of the index at the base date. For example, if the base date is (the end of) 1992, P 0 {\displaystyle P_{0}} is the value of the index at (the end of) 1992. The price index is typically normalized to start at 100 at the base date, so P 0 {\displaystyle P_{0}} is set to 100. The length of time between each value of t {\displaystyle t} and
880-456: Is to divide the nominal wage (after-tax) by the growth factor in the CPI. Gross domestic product (GDP) is a measure of aggregate output. Nominal GDP in a particular period reflects prices that were current at the time, whereas real GDP compensates for inflation. Price indices and the U.S. National Income and Product Accounts are constructed from bundles of commodities and their respective prices. In
935-559: Is used by 27% of New Jersey municipalities; however, slightly over 50% of the state's population resides within them. Townships in New Jersey differ from townships elsewhere in the United States. In many states, townships can be an intermediate form of government, between county government and municipalities that are subordinate parts of the township, with different government responsibilities allocated at each level. In New Jersey, there are no subordinate municipalities located within
990-534: The 2000 United States census there were 8,893 people, 3,020 households, and 2,422 families residing in the township. The population density was 196.8 inhabitants per square mile (76.0/km). There were 3,155 housing units at an average density of 69.8 per square mile (26.9/km). The racial makeup of the township was 88.14% White , 8.04% African American , 0.38% Native American , 0.58% Asian , 0.04% Pacific Islander , 1.29% from other races , and 1.52% from two or more races. Hispanic or Latino of any race were 3.41% of
1045-562: The 2012 presidential election , Republican Mitt Romney received 50.2% of the vote (2,114 cast), ahead of Democrat Barack Obama with 48.6% (2,046 votes), and other candidates with 1.1% (47 votes), among the 4,229 ballots cast by the township's 6,130 registered voters (22 ballots were spoiled ), for a turnout of 69.0%. In the 2008 presidential election , Democrat Barack Obama received 2,279 votes (50.0% vs. 50.4% countywide), ahead of Republican John McCain with 2,162 votes (47.5% vs. 46.6%) and other candidates with 71 votes (1.6% vs. 1.6%), among
1100-614: The 2024-2025 session , the 3rd legislative district of the New Jersey Legislature is represented in the State Senate by John Burzichelli ( D , Paulsboro ) and in the General Assembly by David Bailey (D, Woodstown ) and Heather Simmons (D, Glassboro ). Salem County is governed by a five-member Board of County Commissioners who are elected at-large to serve three-year terms of office on
1155-701: The 2021–22 school year, the district, comprised of five schools, had an enrollment of 1,686 students and 138.7 classroom teachers (on an FTE basis), for a student–teacher ratio of 12.2:1. Schools in the district (with 2021–22 enrollment data from the National Center for Education Statistics ) are Norma Elementary School with 97 students in grades PreK-K, Elmer Elementary School with 214 students in grades 1-2, Olivet Elementary School with 333 students in grades 3-5, Pittsgrove Township Middle School with 496 students in grades 6-8 and A.P. Schalick High School with 486 students in grades 9-12. As of May 2010,
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#17327839039351210-610: The 3,035 ballots cast by the township's 6,164 registered voters, yielding a 49.2% turnout (vs. 47.3% in the county). Public school students from Pittsgrove Township and Elmer borough attend the Pittsgrove Township School District for kindergarten through twelfth grade as part of a full sending/receiving relationship in which the former Elmer School was integrated into the district as of 2011 and students from both Elmer and Pittsgrove Township attend school together throughout their education. As of
1265-488: The 4,554 ballots cast by the township's 6,225 registered voters, for a turnout of 73.2% (vs. 71.8% in Salem County). In the 2004 presidential election , Republican George W. Bush received 2,233 votes (51.0% vs. 52.5% countywide), ahead of Democrat John Kerry with 2,077 votes (47.4% vs. 45.9%) and other candidates with 50 votes (1.1% vs. 1.0%), among the 4,380 ballots cast by the township's 6,022 registered voters, for
1320-505: The 564) statewide that use this form, the second-most commonly used form of government in the state. The Township Committee is comprised of five members, who are elected directly by the voters at-large in partisan elections to serve three-year terms of office on a staggered basis, with either one or two seats coming up for election each year as part of the November general election in a three-year cycle. At an annual reorganization meeting,
1375-663: The Township Committee selects one of its members to serve as Mayor and another as Deputy Mayor. As of 2022, members of the Pittsgrove Township Committee are Mayor Fiore Copare ( R , term on committee ends December 31, 2023; term as mayor ends 2022), Deputy Mayor Francesca I. Spinelli (R, term on committee ends 2024; term as deputy mayor ends 2022), Eric Harz (R, 2022), William A. Schmidt (R, 2023) and Kevin Yeagle (R, 2024). Pittsgrove Township
1430-560: The Township type, or the Township form of government, between 1979 and 1982. A federal law, The State and Local Fiscal Assistance Act of 1972 provided funding to the states to be divided between state and municipal governments. In 1981, states were removed from the program and the law was amended to provide direct grants to the most popular form of local government in the United States - townships. In Essex County alone, 11 municipal governments changed their form or name to take advantage of
1485-410: The average family size was 3.23. In the township the population was spread out, with 26.7% under the age of 18, 8.0% from 18 to 24, 27.8% from 25 to 44, 26.1% from 45 to 64, and 11.4% who were 65 years of age or older. The median age was 38 years. For every 100 females, there were 98.1 males. For every 100 females age 18 and over, there were 93.4 males. The median income for a household in the township
1540-413: The base year are respectively: The real wage each year measures the buying power of the hourly wage in common terms. In this example, the real wage rate increased by 20 percent, meaning that an hour's wage would buy 20% more goods in year 2 compared with year 1. As was shown in the section above on the real growth rate, where and as a first-order approximation, In the case where the growing quantity
1595-448: The case of GDP, a suitable price index is the GDP price index. In the U.S. National Income and Product Accounts, nominal GDP is called GDP in current dollars (that is, in prices current for each designated year), and real GDP is called GDP in [base-year] dollars (that is, in dollars that can purchase the same quantity of commodities as in the base year). then real wages using year 1 as
1650-510: The context of New Jersey local government , refers to one of five types and one of eleven forms of municipal government . As a political entity, a township in New Jersey is a full-fledged municipality, on par with any town , city , borough , or village . They collect property taxes and provide services such as maintaining roads, garbage collection, water, sewer, schools, police and fire protection. The Township form of local government
1705-492: The growth factor of the price index. Real values can be found by dividing the nominal value by the growth factor of a price index. Using the price index growth factor as a divisor for converting a nominal value into a real value, the real value at time t relative to the base date is: The real growth rate r t {\displaystyle r_{t}} is the change in a nominal quantity Q t {\displaystyle Q_{t}} in real terms since
Pittsgrove Township, New Jersey - Misplaced Pages Continue
1760-409: The list has a market price and a quantity. The market value of the good is the market price times the quantity at that point of time. The nominal value of the commodity bundle at a point of time is the total market value of the commodity bundle, depending on the market price, and the quantity, of each good in the commodity bundle which are current at the time. A price index is the relative price of
1815-472: The mayor's office each year, while others elect the same mayor for 2–3 consecutive years. Out of the 240 townships in the state, the township form of government is used by 140. On road signs, township is often abbreviated TWP or Twp . Some official documents abbreviate it as "Twsp." Historically, a variety of legislation has been passed by the state legislature that has defined and refined the township form of municipal government: The Township Act of 1798
1870-432: The next one, is normally constant regular time interval, such as a calendar year. P t {\displaystyle P_{t}} is the value of the price index at time t {\displaystyle t} after the base date. P t {\displaystyle P_{t}} equals 100 times the value of the commodity bundle at time t {\displaystyle t} , divided by
1925-417: The past, the ex post real interest rate is approximately the historical nominal interest rate minus inflation. Looking forward into the future, the expected real interest rate is approximately the nominal interest rate minus the expected inflation rate. Not only time-series data, as above, but also cross-sectional data which depends on prices which may vary geographically for example, can be adjusted in
1980-431: The population were under the age of 18, 9.1% from 18 to 24, 22.8% from 25 to 44, 32.3% from 45 to 64, and 12.5% who were 65 years of age or older. The median age was 41.6 years. For every 100 females, the population had 99.0 males. For every 100 females ages 18 and older there were 95.0 males. The Census Bureau's 2006–2010 American Community Survey showed that (in 2010 inflation-adjusted dollars) median household income
2035-416: The population. Of the 3,307 households, 31.8% had children under the age of 18; 60.1% were married couples living together; 12.4% had a female householder with no husband present and 22.1% were non-families. Of all households, 17.8% were made up of individuals and 7.5% had someone living alone who was 65 years of age or older. The average household size was 2.80 and the average family size was 3.15. 23.3% of
2090-408: The population. There were 3,020 households, out of which 38.1% had children under the age of 18 living with them, 64.9% were married couples living together, 10.7% had a female householder with no husband present, and 19.8% were non-families. 16.2% of all households were made up of individuals, and 6.2% had someone living alone who was 65 years of age or older. The average household size was 2.90 and
2145-399: The previous date t − 1 {\displaystyle t-1} . It measures by how much the buying power of the quantity has changed over a single period. where g t {\displaystyle g_{t}} is the nominal growth rate of Q t {\displaystyle Q_{t}} , and i t {\displaystyle i_{t}}
2200-459: The price level fixed 100 at the base date. The price index is applied to adjust the nominal value Q {\displaystyle Q} of a quantity, such as wages or total production, to obtain its real value. The real value is the value expressed in terms of purchasing power in the base year. The index price divided by its base-year value P t / P 0 {\displaystyle P_{t}/P_{0}} gives
2255-410: The program. There are a total of 240 townships in the state, including: Inflation adjustment A commodity bundle is a sample of goods , which is used to represent the sum total of goods across the economy to which the goods belong, for the purpose of comparison across different times (or locations). At a single point of time, a commodity bundle consists of a list of goods, and each good in
Pittsgrove Township, New Jersey - Misplaced Pages Continue
2310-413: The term "municipality" and recognized five types of government: borough , township, city , town , and village and granted each equal legal standing. The Township Act of 1989 simplified the much-amended Act of 1899. It retains a three or five member township committee serving staggered terms, whose members are generally elected at-large. The committee elects a mayor from among its members to serve
2365-520: The township for a rent of at least five dollars a year. A group of five freeholders was elected to one-year terms on the Township Committee, which was responsible to oversee the expenditure of revenue in between town meetings. The Township Act of 1899 abolished the town meeting and strengthened the role of the Township Committee, which was initially set at three and amended to allow for expansion to five members. Members were elected for staggered three-year terms. The Home Rule Act of 1917 legally defined
2420-491: The township had a total of 125.38 miles (201.78 km) of roadways, the highest in the county, of which 57.54 miles (92.60 km) were maintained by the municipality, 64.99 miles (104.59 km) by Salem County and 2.85 miles (4.59 km) by the New Jersey Department of Transportation . U.S. Route 40 is the most prominent highway serving Pittsgrove Township, crossing east–west along the northern edge of
2475-785: The township include Alliance , Brotmanville , Centerton , Daretown, Greenville, Norma , Norma Station, Palatine, Parvin Lake, Rainbow Lake, Six Points, Union Grove, Upper Neck and Willow Grove. The township borders the municipalities of Elmer Borough and Upper Pittsgrove Township in Salem County; Deerfield Township , Upper Deerfield Township and Vineland in Cumberland County and Franklin Township in Gloucester County . The 2010 United States census counted 9,393 people, 3,307 households, and 2,576 families in
2530-409: The township's 2010 Census population, 63.1% (vs. 64.6% in Salem County) were registered to vote, including 82.3% of those ages 18 and over (vs. 84.4% countywide). In the 2016 presidential election, Republican Donald Trump received 58% of the vote (2,508 cast), ahead of Democrat Hillary Clinton with 38.3% (1,655 votes), and other candidates with 3.6% (155 votes), among the 4,318 ballots cast in total. In
2585-438: The township. Other significant roads within the township include Route 56 , which passes through the southern part of the township, while a small portion of Route 55 passes through the eastern part of the township County highways include County Route 540 , which passes east / west through the township, intersecting and briefly overlapping with County Route 553 , which crosses in a north / south direction. Pittsgrove Township
2640-465: The township. The population density was 208.3 inhabitants per square mile (80.4/km). There were 3,445 housing units at an average density of 76.4 per square mile (29.5/km). The racial makeup was 88.17% (8,282) White , 6.97% (655) Black or African American , 0.42% (39) Native American , 0.94% (88) Asian , 0.01% (1) Pacific Islander , 1.39% (131) from other races , and 2.10% (197) from two or more races. Hispanic or Latino of any race were 4.80% (451) of
2695-393: The value of the commodity bundle at the base date. If the price of the commodity bundle has increased by one percent over the first period after the base date, then P 1 = 101. The inflation rate i t {\displaystyle i_{t}} between time t − 1 {\displaystyle t-1} and time t {\displaystyle t}
2750-439: The work of those areas along with overall legislative issues. Some mayors in this form of government also oversee specific departments. The mayor in this form of government is primarily ceremonial and has the same power as other township committee members. The mayor does hold the powers vested in all mayors under state law One township committee member is elected deputy mayor each year. Some towns with this form of government rotate
2805-512: Was $ 56,687, and the median income for a family was $ 63,266. Males had a median income of $ 42,653 versus $ 27,173 for females. The per capita income for the township was $ 21,624. About 3.5% of families and 5.0% of the population were below the poverty line , including 6.8% of those under age 18 and 4.1% of those age 65 or over. Pittsgrove Township is governed under the Township form of New Jersey municipal government, one of 141 municipalities (of
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#17327839039352860-422: Was $ 74,348 (with a margin of error of +/− $ 6,547) and the median family income was $ 83,564 (+/− $ 7,149). Males had a median income of $ 56,300 (+/− $ 5,678) versus $ 38,056 (+/− $ 6,727) for females. The per capita income for the borough was $ 28,606 (+/− $ 1,671). About 2.4% of families and 4.7% of the population were below the poverty line , including 5.0% of those under age 18 and 7.0% of those age 65 or over. As of
2915-417: Was incorporated by an act of the New Jersey Legislature on February 21, 1798, as one of the initial group of 104 townships established in New Jersey. Portions of the township were taken on March 4, 1822, to form Centreville Township (which was restored in 1829 when the township was dissolved), on March 10, 1846, to form Upper Pittsgrove Township and on January 28, 1893, to form Elmer borough . The township
2970-653: Was named for William Pitt, 1st Earl of Chatham , a supporter of the colonial cause. According to the United States Census Bureau , the township had a total area of 45.75 square miles (118.50 km), including 44.90 square miles (116.29 km) of land and 0.85 square miles (2.21 km) of water (1.87%). Olivet (with a 2010 Census population of 1,408) is an unincorporated community and census-designated place (CDP) located within Pittsgrove Township. Other unincorporated communities, localities and place names located partially or completely within
3025-460: Was the first state legislation to incorporate municipalities. The government defined was a form of direct democracy , similar to the New England town meeting , in which the vote was available to all white males, at least 21 years old, who were citizens of New Jersey, and residents of the township for at least six months; and who paid taxes in the township, or who owned land, or rented a home in
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