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WEIGHT LOSING: An activity in which the transportation cost of the inputs is greater than the transportation cost of the output. Using the term weight to mean transportation cost, an activity is said to lose weight if the cost of getting the inputs to the factory is greater than the cost of moving the output to the market. A weight-losing activity has a greater attraction to, and tends to locate near, the source for the inputs.

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Lesson 2: Economic Science | Unit 3: Verification Page: 10 of 20

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Ceteris Paribus Assumption:
In order to test an hypothesis we need to keep constant other factors that may affect it. Other things are called ceteris paribus factors.

The last step in the process is to evaluate the hypothesis. We have two possibilities-data and hypothesis agree-- data and hypothesis don't agree.

The data and hypothesis agree.

  • Because we can not prove an absolute, this possibility gives us support for the hypothesis, but not absolute proof that it is correct.
  • To get a proof, we need to test the hypothesis many times under several different conditions. But even then, we can not be 100%, absolutely certain.
  • With growing certainty of the validity of the hypothesis, it becomes a principle and is added to the theory for an expanded theory.

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THREE QUESTIONS OF ALLOCATION

The three basic questions that an economy must answer because of limited resources and unlimited wants and needs are: What? How? and For Whom? The basic problem of scarcity requires every society to determine: What goods to produce? How to produce the goods? And who receives the goods that are produced?

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Today, you are likely to spend a great deal of time at a flea market seeking to buy either several magazines on time travel or 500 feet of telephone cable. Be on the lookout for slow moving vehicles with darkened windows.
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Junk bonds are so called because they have a better than 50% chance of default, carrying a Standard & Poor's rating of CC or lower.
"God grants victory to perseverance. "

-- Simon Bolivar, South American liberator

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