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NLRA: The common abbreviation for the National Labor Relations Act, passed in 1935. This was a major labor union promoting act under New Deal program of the Roosevelt administration, which modified and replaced the National Industrial Recovery Act that was declared unconstitutional earlier in the year. Also known as the Wagner Act, it outlawed unfair labor practices by employers, such as the refusal by a firm to negotiate with a union representing a majority of its employees. It also established the National Labor Relations Board, which oversees labor activities.

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

Topic: Evaluation <=PAGE BACK | PAGE NEXT=>

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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INELASTIC

The general relation between two variables in which relatively large changes in one variable (A) cause relatively small changes in another variable (B). In other words, large changes in variable A cause relatively small changes in variable B or the percentage change in variable B is smaller than the percentage change in variable A. This characterization of elasticity is most important for the price elasticity of demand and the price elasticity of supply. Inelastic is one of two general elasticity relations between two variables. The other is elastic.

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APLS

GRAY SKITTERY
[What's This?]

Today, you are likely to spend a great deal of time watching infomercials hoping to buy either an AC adapter for your CD player or storage boxes for your family photos. Be on the lookout for telephone calls from long-lost relatives.
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This isn't me! What am I?

Parker Brothers, the folks who produce the Monopoly board game, prints more Monopoly money each year than real currency printed by the U.S. government.
"Inside the ring or out, ain't nothing wrong with going down. It's staying down that's wrong. "

-- Muhammad Ali

LRAC
Long Run Average Cost
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