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SAVING LINE: A graphical depiction of the relation between household saving and household disposable income. The slope of this line is positive, greater than zero, less than one, and goes by the name marginal propensity to save. The vertical intercept of the saving line is autonomous saving. The saving and investment, or leakage and injection, analysis used in Keynesian economics begins with the saving line. Because consumption is the difference between disposable income and saving, the consumption line is a complementary relation to the saving line.
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SAY'S LAW A principle of classical economics developed the French economist Jean-Baptiste Say that is commonly summarized as "supply creates its own demand." This law, also referred to as Say's "theory of markets" or "law of markets," indicates that the act of producing aggregate output generates a sufficient amount of aggregate income to purchase all of the output produced. This principle indicated that excess production or insufficient demand for production was unlikely to occur, at least for any extended period. When combined with flexible prices and saving-investment equality, Say's law further implied that an economy would achieve and maintain full employment of resources. This law was singled out by John Maynard Keynes in his critique of classical economics, but remains relevant in current macroeconomic analysis, reflected in the circular flow model.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs hoping to buy either storage boxes for your income tax returns or an AC adapter for your CD player. Be on the lookout for mail order catalogs with hidden messages.
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One of the largest markets for gold in the United States is the manufacturing of class rings.
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"We tend to forget that happiness doesn't come as a result of getting something we don't have, but rather of recognizing and appreciating what we do have." -- Fredrick Koeing
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NASD
National Association of Securities Dealers
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