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AGGREGATION: The process of adding up, summing, or otherwise identifying the total value of a variable or measure, especially when used in the study of macroeconomics. Common items that are aggregated are demand, supply, and expenditures on gross domestic product, which result in aggregate demand, aggregate supply, and aggregate expenditures.

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PRODUCT LIFE CYCLE: The four stages that a product experiences during its life, usually illustrated with a curve. All products have a limited life expectancy. Some are very short, like the Beta Recording Systems, and some are very lengthy, like the television. The four stages are introduction, growth, maturity, and decline. Each stage has certain characteristics associated with it. The way a business handles each stage determines the long-term viability of the product. An example: During the introduction stage: costs are high, customer familiarity with the product is low, profits are generally non-existent, and competition is limited, if at all. If the business does not deal with these conditions properly, the product may never reach the growth stage.

     See also | introduction stage | growth stage | maturity stage | decline stage | profit | product | service |


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SAVING SCHEDULE

A table or chart that represents the relation between saving by the household sector and income. A saving schedule is commonly used for a basic, instructional presentation of aggregate saving activity by the household sector and is also used as a source of numbers for deriving the saving line. The key measures derived from the saving-income relation in the schedule are average propensity to save and marginal propensity to save. The consumption schedule is comparable, and more important, table for the relation between consumption and income.

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