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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.
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FACTOR PAYMENTS Payments made to scarce resources, or the factors of production (labor, capital, land, and entrepreneurship), in return for productive services. Factor payments are frequently categorized according to the services of the productive resource being rewarded. Wages are paid for the services of labor; interest is the payment for the services of capital, rent is the services for land, and profit is the factor payment to entrepreneurship.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
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"If you wouldn't write it and sign it, don't say it." -- Earl Wilson, Columnist
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MSE
Mean Square Error
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