|
|
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
|
|
|
|
|
LIMITED RESOURCES A basic condition of nature which means that the quantities of available labor, capital, land and entrepreneurship used for the production of goods and services are finite. It means that the economy has only so many resources that can be used AT ANY GIVEN TIME time to produce goods and services. Limited resources are one half of the fundamental problem of scarcity that has plagued humanity since the beginning of time. The other half of the scarcity problem is unlimited wants and needs.
Complete Entry | Visit the WEB*pedia |
|
|
YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time browsing about a thrift store looking to buy either a black duffle bag with velcro closures or any book written by Isaac Asimov. Be on the lookout for letters from the Internal Revenue Service.
Your Complete Scope
This isn't me! What am I?
|
|
|
Three-forths of the gold mined each year is used to manufacture jewelry.
|
|
|
"It has been my philosophy of life that difficulties vanish when faced boldly. " -- Isaac Asimov
|
|
PI
Personal Income
|
|
|
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
|
|
