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December 15, 2019 

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ABSTRACTION METHODS: Abstraction is the process of simplifying the complexities of the real world by ignoring (hopefully) unimportant details, especially (for our purposes) while doing economic analysis. Three common methods of actual, real world abstraction used in economic theories are words, graphs, and equations. Words can be misunderstood. Graphs are a little more precise. And equations tend to be the most precise of the three.

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COMPLEMENT-IN-PRODUCTION: One of two goods that are produced jointly using the same resource -- that is, the production of one good automatically triggers the production of the other. The terms "joint products" or "by-products" are two terms commonly used for complements-in-production. A complement-in-production is one of two alternatives falling within the other prices determinant of supply. The other is a substitute-in-production. An increase in the price of one complement-in-production causes a increase in supply of the other. Complements-in-production are goods produced jointly from the same resource or input. This typically happens when the resource in question has parts that can be separated into different products. One example is the production of two goods -- beef and leather -- from one resource -- cattle. Another complement in production example is lumber and sawdust, both produced from a single tree.

     See also | complement | supply | production | supply curve | other prices | supply shock | supply determinants | complement-in-consumption | joint product | by-product |


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COMPLEMENT-IN-PRODUCTION, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2019. [Accessed: December 15, 2019].


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MARGINAL COST OF SEARCH

The incremental cost incurred by additional search effort is the marginal cost of search. Marginal cost of search, also termed marginal search cost, is comparable to marginal cost of short-run production analysis. Marginal cost of search increases with an increase in search effort and is represented by the marginal cost of search curve. This is one half of the efficient information search decision. The other is marginal benefit of search.

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Today, you are likely to spend a great deal of time at a dollar discount store hoping to buy either a wall poster commemorating the 2000 Presidential election or a rechargeable flashlight. Be on the lookout for letters from the Internal Revenue Service.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
"Our goals can only be reached through a vehicle of a plan, in which we must fervently believe, and upon which we must vigorously act. There is no other route to success. "

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