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LABOR FORCE PARTICIPATION RATE: The proportion of the total noninstitutionalized civilian population 16 years of age and over that is in the civilian labor force. The labor force participation rate is essentially the ratio of the civilian labor force to the total noninstitutionalized civilian population 16 years of age and over. This ratio indicates the proportion of the available "working age" population that is willing and able to work and is either employed or actively seeking employment.

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Lesson Contents
Unit 1: The Method
  • Overview
  • Components
  • A Process
  • Unit 1 Summary
  • Unit 2: Theory
  • Concept
  • Abstraction
  • Economic Theories
  • Unit 2 Summary
  • Unit 3: Verification
  • Overview & Data
  • Evaluation
  • Evaluation:Don't Agree
  • Unit 3 Summary
  • Unit 4: Science and Practice
  • Set Up
  • Theory
  • Verification
  • Unit 4 Summary
  • Unit 5: Cause and Effect
  • Purpose
  • An Example
  • Analysis
  • Unit 5 Summary
  • Course Home
    Economic Science

    In this lesson you'll see why and how the scientific method is a process of discovery. You'll see that it's a process of building theories to explain the workings of the world (the economy) by proposing then testing hypotheses. The five units making up this lesson will guide you through the basics of the scientific method and how it's used in the study of economics.

    • The first unit introduces the scientific method, especially its' four key components -- theories, principles, hypothesis, and data.
    • The second unit then takes a closer look at theories, including the central role played by abstraction.
    • In the third unit, we will focus on the process of verification -- how and why hypothesized relationships about the workings of the economy are compared with actual data.
    • We then turn out attention to a simple example of how the scientific method is used to test a hypothesized relation between course grades and where students are seated in a classroom.
    • The fifth and final unit in this lesson examines the role that cause and effect plays in the scientific method and economic science.

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    ECONOMIC GOALS

    Five conditions of the mixed economy, including full employment, stability, economic growth, efficiency, and equity, that are generally desired by society and pursued by governments through economic policies. The five goals are typically divided into the three that are most important for macroeconomics (the macroeconomic goals of full employment, stability and economic growth) and the two that are most important for microeconomics (the microeconomic goals of efficiency and equity).

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    APLS

    BROWN PRAGMATOX
    [What's This?]

    Today, you are likely to spend a great deal of time searching for rummage sales hoping to buy either a flower arrangement with daisies and carnations for your uncle or a coffee cup commemorating next Thursday. Be on the lookout for jovial bank tellers.
    Your Complete Scope

    This isn't me! What am I?

    The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
    "Act well at the moment, and you have performed a good action for all eternity."

    -- Johann Kaspar Lavater

    APC
    Average Propensity to Consume
    A PEDestrian's Guide
    Xtra Credit
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