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ADAM SMITH: A Scottish professor (born 1723, died 1790) who is considered the father of modern economics for his revolutionary book, entitled An Inquiry into the Nature and Causes of the Wealth of Nations published in 1776.

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Lesson 2: Economic Science | Unit 1: The Method Page: 1 of 20

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Economics is part of the general process of inquiry, scientific inquiry, in to the workings of our world.

A definition:

  • The scientific method is a structured way of investigating and explaining the operation of the world by testing and verifying hypothesized relationships.
Key points about the scientific method:
  • Explanation: The scientific method seeks to explain the mechanisms of the world, how things work. Science seeks to identify the basic laws of nature that govern the world. Economic science seeks to explain how the economic world works, to identify the economic laws of nature.
  • Process: The scientific method is a process, a way of explaining, not a subject. The scientific method is also applied to society and human behavior. Economics is a social science, the scientific study of society.

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MARKET

The organized exchange of commodities (goods, services, or resources) between buyers and sellers within a specific geographic area and during a given period of time. Markets are the exchange between buyers who want a good (the demand-side of the market) and the sellers who have it (the supply-side of the market).

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APLS

RED AGGRESSERINE
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Today, you are likely to spend a great deal of time touring the new suburban shopping complex wanting to buy either a solid oak entertainment center or a remote controlled ceiling fan. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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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.
"No amount of business school training or work experience can teach what is ultimately a matter of personal character. "

-- Truett Cathy, Chick-fil-A Inc. founder

ACIR
Advisory Council on Intergovernmental Relations
A PEDestrian's Guide
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