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SLOPE, SAVING LINE: The positive slope of the saving line is also termed the marginal propensity to save (MPS). This slope is greater than zero but less than one, reflecting induced saving and the Keynesian psychological law of consumer behavior that saving increases by less than the increase in income. The slope of the saving line provides the foundation for the slope of the leakages line used in the injections-leakages model. It thus also affects the magnitude of the multiplier process.

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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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AVERAGE-MARGINAL RELATION

A mathematical connection between a marginal value and the corresponding average value stating that the change in the average value depends on a comparison between the average and the marginal. This mathematical relation between average and marginal surfaces throughout the study of economics, especially production (average product and marginal product), cost (average total cost and marginal cost), and revenue (average revenue and marginal revenue). A similar relation is that between a total value and the corresponding marginal value.

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Today, you are likely to spend a great deal of time flipping through the yellow pages trying to buy either a 200-foot blue garden hose or a video camera with stop action features. Be on the lookout for rusty deck screws.
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