I am trying to understand the relationship between these. I have 24AWG 300V copper PVC insulated wire. From what I have learned, this wire can be used to connect a Panel LED that draws <20 mA @ 110V to a 110V main power terminal strip.
I have read that voltage drop would be a problem with increasing lengths of wire at smaller gauges. This wire's length is less than 2 feet and at room temperature. Using a calculator, the Vdrop is on the order of a thousandths of a volt. Am I doing my math correctly? I have only been able to find examples of this situation where people used 14 gauge wire, which has to be way overkill.