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 GROSS DOMESTIC PRODUCT, INCOME: A method of estimating gross domestic product (GDP) based on identifying the income (wages, rent, interest, and profit) received by the owners of the four factors of production (labor, capital, land, and entrepreneurship). This is one of two methods used by the Bureau of Economic Analysis in the National Income and Product Accounts to estimate gross domestic product.
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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, 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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AVERAGE FACTOR COST

Total factor cost per unit of factor input employed by a firm in the production of output, found by dividing total factor cost by the quantity of factor input. Average factor cost, abbreviated AFC, is generally equal to the factor price. However, using the longer term average factor cost makes it easier to see the connection to related terms, including total factor cost and marginal factor cost.

 BROWN PRAGMATOX[What's This?] Today, you are likely to spend a great deal of time at a going out of business sale seeking to buy either a wall poster commemorating the 2000 Olympics or a flower arrangement with a lot of roses for your grandmother. Be on the lookout for telephone calls from long-lost relatives.Your Complete Scope
 It's estimated that the U.S. economy has about \$20 million of counterfeit currency in circulation, less than 0.001 perecent of the total legal currency.
 "It takes generosity to discover the whole through others. If you realize you are only a violin, you can open yourself up to the world by playing your role in the concert. "-- Jacques Yves Cousteau, marine explorer
 M3M2 plus investment types of near monies, including large denomination certificates of deposits, institutional money market deposits, and longer term repurchase agreements and Eurodollars
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