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SELF-CONCEPT: A person's view or image of herself or himself. This is closely related to one's personality. A poor self-concept or negative sense of oneself can have a damaging affect on a person's ability to interact with others. Those who have a positive self-concept tend to believe in who they are and have confidence in their abilities to deal with various situations. Marketing researchers know that consumers tend to make purchases that reflect and enhance self-concept.

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Lesson 2: Economic Science | Unit 3: Verification Page: 12 of 20

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  • How an hypothesis is verified using real world data.
  • Ways to obtain data that can be used to test an hypothesis.
  • The importance of the ceteris paribus assumption that other factors remain unchanged when testing an hypothesis.
  • What it means to the scientific method when an hypothesis does and does not agree with real world data.
  • How continually testing an hypothesis that agrees with real world data eventually gives us a principle.
  • Why an hypothesis that does not agree with real world data can be just as valuable to the scientific method as one that does not.

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ELASTIC SUPPLY

The general supply relation in which relatively small changes in price cause relatively large changes in quantity supplied. Small changes in price cause relatively large changes in quantity supplied or the percentage change in quantity supplied is larger than the percentage change in price. This characterization of elasticity is most important for the price elasticity of supply. Elastic supply is one of two general elasticity relations for supply. The other is inelastic supply.

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BLUE PLACIDOLA
[What's This?]

Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club seeking to buy either a wall poster commemorating the 2000 Presidential election or a rechargeable flashlight. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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This isn't me! What am I?

The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
"Good judgment comes from experience, and often experience comes from bad judgment."

-- Rita Mae Brown ‚ Writer

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Income, Nominal Gross National Product
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