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<strong>SAY</strong> – Scheduled Academic Year. The fixed period, as published in a school' s printed materials, that generally begins and ends at the same time each year. The SAY is the period to which the statutory definition of an academic year must be applied and must meet the statutory requirements of an academic year as defined by the U.S. Department of Education.

harmonization (E6, FO)<br />The process of aligning government regulations or practices to eliminate differences between parties to an agreement. A major example is the attempt to harmonize taxation within the EUROPEAN UNION.

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input-output analysis (Cl, LO)<br />A tabular summary of the flows of goods and services between industries and the final demand of an economy with the output of each sector being the inputs of other sectors (see typical table below). The technology of the economy determines the ratios (or coefficients) of each input to the output it helps to produce. In the case of inter-industry trade, institutional factors, including custom, will determine the input-output ratios for the household sector. The static version of input-output analysis can be solved by ordinary linear equations; the dynamic version (which includes, as well as flows, stocks of goods and fixed capital) uses linear difference equations for its solution. The pioneer of the technique, LEONTIEF, first produced an input-output table for the US economy in 1936, although QUESNAY produced a flow table for the French economy in 1758.<br /> In its static form, this analysis shows how much the n industries of an economy have to produce to satisfy the total demand for each particular product. It is assumed that in each industry there are constant returns to scale, a fixed inputoutput ratio and a homogeneous product. The model is 'open' if there are both n industries and a sector, e.g. households, which exogenously determines final demand; it is closed if the model shows relationships only between the n industries. Simultaneous equations are used to determine the inputs required for final demand to be satisfied. Dynamic versions of inputoutput analysis can take into account time lags in production, the adjustment of output to excess demand and the accumulation of inventories and fixed capital.

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