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LONG-RUN TREND: The general movement over time of particular measurement, especially one prone toward shorter term fluctuations. One of the most important long-run trends in the study of macroeconomics is for real GDP. The long-run trend of real GDP, which has historically increased about 3% a year, indicates the increase in the economy's production capabilities. Such capabilities have increased due to increases in the quantity and quality of resources.
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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 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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INDUSTRY A group of firms producing goods or services that are close substitutes-in-consumption. The similarity of the products makes it possible to analyze the production in a market framework. An industry can be broadly defined, such as the manufacturing industry, or narrowly specified, such as the root beer industry. For most economic analysis the term industry is used interchangeably with the term market.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites looking to buy either a small palm tree that will fit on your coffee table or several magazines on fashion design. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
Your Complete Scope
This isn't me! What am I?
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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"Our goals can only be reached through a vehicle of a plan, in which we must fervently believe, and upon which we must vigorously act. There is no other route to success. " -- Pablo Picasso, artist
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PIT
Personal Income Tax
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