March 18, 2018 

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SPATIAL DIFFERENTIATION: The notion that economic activity is not evenly dispersed across the land. That is, goods, services, resources, production, and consumption are more concentrated at some locations and less concentrated at other locations due to natural endowments and human activity. The result is that no two location points have exactly the same access to inputs or outputs. This is a fundamental principle underlying the study of urban and regional economics and implies that firms and households must include transportation cost and location in production and consumption decisions.

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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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In terms of macroeconomic analysis, especially the aggregate market (AS-AD) analysis, a period of time in which some prices, notably wages, are rigid, inflexible, or otherwise in the process of adjusting. This is one of two macroeconomic time designations; the other is the long run. Short-run wage and price rigidity prevents some markets, especially resource markets and most notably labor markets, from achieving equilibrium. Wage and price rigidity and the resulting resource market imbalances are the source of the positively-sloped short-run aggregate supply curve.

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In 1914, Ford paid workers who were age 22 or older $5 per day -- double the average wage offered by other car factories.
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