Beysehir for relative prices: a ratio comparing one good’s price to that of other goods. rent: payment received by a factor of production in excess of the opportunity cost associated with using that factor. saving: the amount of disposable income not spent on current consumption, also referred to as non-consumption expenditure. Say’s Law: the belief that supply creates its own demand in that any given amount of output produced will influ- Glossary 943 ence demand to the degree that demanders will purchase all of any existing output. services: any intangible good produced that has value to demanders (e.g., law services produced by lawyers). Beysehir 2016.

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