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UNION: An organization of workers or employees who act jointly to negotiate with their employers over wages, fringe benefits, working conditions, and other facets of employment. The main function of unions is to provide a balance for the market control exerted over labor by big business.

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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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    INFLATIONARY EXPECTATIONS, AGGREGATE DEMAND DETERMINANT

    One of several specific aggregate demand determinants assumed constant when the aggregate demand curve is constructed, and that shifts the aggregate demand curve when it changes. An increase in the inflationary expectations causes an increase (rightward shift) of the aggregate curve. A decrease in the inflationary expectations causes a decrease (leftward shift) of the aggregate curve. Other notable aggregate demand determinants include interest rates, federal deficit, and the money supply.

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    BLACK DISMALAPOD
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    Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club trying to buy either a T-shirt commemorating the second moon landing or a coffee cup commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki. Be on the lookout for small children selling products door-to-door.
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    The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
    "When I stand before God at the end of my life, I would hope that I would not have a single bit of talent left, and could say, I used everything you gave me."

    -- Erma Bombeck, writer

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