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MARGINAL REVENUE CURVE: A curve that graphically represents the relation between marginal revenue received by a firm for selling its output and the quantity of output sold. The marginal revenue curve is constructed to capture the relation between marginal revenue and the level of output, holding other variables constant.
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Lesson Contents
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Unit 1: The Method |
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Unit 2: Theory |
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Unit 3: Verification |
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Unit 4: Science and Practice |
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Unit 5: Cause and Effect | |
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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, The Method, introduces the scientific method, especially its' four key components -- theories, principles, hypothesis, and data.
- The second unit, Theory, then takes a closer look at theories, including the central role played by abstraction.
- In the third unit, Verification, we 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 in the fourth unit, Science and Practice, 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, Cause and Effect, examines the role that cause and effect plays in the scientific method and economic science.
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AGGREGATE EXPENDITURES DETERMINANTS Ceteris paribus factors, other than aggregate income or production, that are held constant when the aggregate expenditures line is constructed and which cause the aggregate expenditures line to shift when they change. Some of the more important aggregate expenditures determinants are interest rates, expectations, fiscal policy, wealth, and exchange rates.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time calling an endless list of 800 numbers looking to buy either a rim for your spare tire or decorative celebrity figurines. Be on the lookout for fairy dust that tastes like salt.
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This isn't me! What am I?
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Natural gas has no odor. The smell is added artificially so that leaks can be detected.
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"Man is born to live, not to prepare for life. " -- Boris Pasternak, writer
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CHIPS
Clearinghouse Interbank Payments System
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