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FIXED FACTOR OF PRODUCTION: An input whose quantity cannot be changed in the time period under consideration. This usually goes by the shorter term fixed input and should be immediately compared and contrasted with variable factor of production, which goes by the shorter term variable input. The most common example of a fixed factor of production is capital. A fixed factor of production provides the "capacity" constraint for the short-run production of a firm. As larger quantities of a variable factor of production, like labor, are added to a fixed factor of production like capital, the variable input becomes less productive. This is, by the way, the law of diminishing marginal returns. For more detailed discussion, take a look at the shorter, more commonly used alias of fixed factor of production, which is fixed input.
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AVERAGE PROPENSITY TO SAVE The proportion of household income that is used for saving. The average propensity to save (abbreviated APS) is really nothing more than average saving. Together with the average propensity to consume, it indicates how a given level of income is divided between consumption and saving. A related saving measure is the marginal propensity to save.
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Parker Brothers, the folks who produce the Monopoly board game, prints more Monopoly money each year than real currency printed by the U.S. government.
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"People of mediocre ability sometimes achieve outstanding success because they don't know when to quit. Most men succeed because they are determined to. " -- George Allen, U.S. senator
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SAS
Statistical Analysis Software
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