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September 20, 2018 

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BY-PRODUCT: 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. Also termed joint products or complements-in-production, the phrase by-product is often used when one of the products is unwanted or of secondary importance. For example, sawdust is generally considered a by-product from producing lumber from trees.

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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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AGGREGATE SUPPLY

The total (or aggregate) real production of final goods and services available in the domestic economy at a range of price levels, during a given time period. Aggregate supply, usually abbreviated AS, is two different relations between price level and real production--long run and short run. With long-run aggregate supply, prices and wages are flexible and all markets are in equilibrium. With short-run aggregate supply some prices and wage are NOT flexible and some markets are NOT in equilibrium. This is one half of the AS-AD (aggregate market) analysis. The other half is aggregate demand.

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