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MARKET CONTROL: The ability of buyers or sellers to exert influence over the price or quantity of a good, service, or commodity exchanged in a market. Market control depends on the number of competitors. If a market has relatively few buyers, but a bunch of sellers, then the buyers tend to have relatively more market control than sellers. The converse occurs if there are a bunch of buyers, but relatively few sellers. If the market is controlled on the supply side by one seller, we have a monopoly, and if it is controlled on the demand side by one buyer, we have a monopsony. Most markets are subject to some degree of control.
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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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SCARCE GOOD A tangible item produced with society's limited resources for the purpose of satisfying wants and needs. As a general notion, the phrase scarce good can also commonly include intangible services produced with society's limited resources for the purpose of satisfying wants and needs. A synonymous term for scarce good is economic good.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time going from convenience store to convenience store wanting to buy either hand lotion, a big bottle of hand lotion or a lighted magnifying glass. Be on the lookout for malfunctioning pocket calculators.
Your Complete Scope
This isn't me! What am I?
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Parker Brothers, the folks who produce the Monopoly board game, prints more Monopoly money each year than real currency printed by the U.S. government.
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"He, who every morning plans the transactions of the day, and follows that plan, carries a thread that will guide him through a labyrinth of the most busy life." -- Victor Hugo, Writer
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AFEA
American Farm Economic Association
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