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SCIENTIFIC METHOD: A structured way of investigating and explaining the operation of the world by testing and verifying hypothesized relationships. The scientific method is a process of discovery, a method of explaining phenomena that can be better understood with an overview of theory, principles, world view, hypothesis, and verification.
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Lesson 11: Circular Flow | Unit 1: Basic Flow
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Page: 4 of 22
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Topic:
The Physical Flow
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Two sectors: household and business. Two markets: product and factor. - The physical flow is the counter-clockwise flow of resources from the household to business sector and production from the business to household sector.
- Production flows from the business sector (supply) to the household sector (demand) through the product markets.
- Resources flow from the household sector (demand) to the business (supply) sector through the factor markets.
- The household sector sells the resources through the factor markets and buy goods through the product markets.
- The business sector buys resources through the factor markets and sells goods through the product markets.
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RATIONING The distribution or allocation of a limited commodity, usually accomplished based on a standard or criterion. The two primary methods of rationing are markets and governments. Rationing is needed due to the scarcity problem. Because wants and needs are unlimited, but resources are limited, available commodities must be rationed out to competing uses.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time at the confiscated property police auction hoping to buy either a travel case for you toothbrush or a looseleaf notebook binder. Be on the lookout for jovial bank tellers.
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
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"Old age isn't so bad when you consider the alternative. " -- Cato, Roman orator
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ABA
American Bankers Association, Associate in Business Administration
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