|
|
COMPLEMENT: Two goods that "go together," either in consumption or production. In terms of demand, a complement-in-consumption is one of two goods that are consumed together such that an increase in the price of one good leads to a decrease in demand and a leftward shift in the demand curve for the other good. If the demand of good 1 decreases as the price of good 2 increases, the goods are complements-in-consumption. In terms of supply, a complement-in-production is one of two goods that are produced jointly using the same resources, such that an increase in the price of one good leads to an increase in supply and a rightward shift in the supply curve for the other good. If the supply of good 1 increases as the price of good 2 increases, the goods are complements-in-production.
Visit the GLOSS*arama
|
|
|
|
|
ORDINAL UTILITY The notion that utility--the satisfaction of wants and needs achieved through the consumption of goods and services--is measured by a ranking of preferences (first, second, third, etc.) that are only comparable on a relative basis. Ordinal utility does not presume that satisfaction is a measurable characteristic of a person, like height or weight, that can be compared against an established benchmark. The contrasting notion is cardinal utility, which is based on a numerical standard.
Complete Entry | Visit the WEB*pedia |
|
|
WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors hoping to buy either a wall poster commemorating the 2000 Presidential election or a rechargeable flashlight. Be on the lookout for strangers with large satchels of used undergarments.
Your Complete Scope
This isn't me! What am I?
|
|
|
A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
|
|
|
"Concentration is the secret of strength in politics, in war, in trade, in short in all management of human affairs. " -- Ralph Waldo Emerson, philosopher, poet
|
|
BOJ
Bank of Japan
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
