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PATENT: The guaranteed ownership and control of an invention, innovation, or production technique by government for a period of time (currently 17 years). A patent gives the owner the exclusive rights to sell, market, license, or otherwise generate revenue from an invention, innovation, or production technique. Patents are designed to encourage inventions and other developments that promote technological advances. However, they are also an entry barrier and lead to market control.

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Lesson 2: Economic Science | Unit 4: Science and Practice Page: 15 of 20

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

Last verification. Data collected for 50 students in an economics class.
  • 3 of 6 As--1st row, 7 of 11 Bs--2nd row, 9 of 21 Cs--3rd row, 4 of 7 Ds--4th row, 4 of 5 Fs--5th row.
  • 3 of 7 in 1st row--As, 7 of 11 in 2nd--Bs, 9 of 12 in 3rd row--Cs, 4 of 10 in 4th row--Ds, 4 of 10 in 5th row--Fs.
Results:
  • There appears to be a relationship between course grade and seat position.
  • There is no evidence to suggest that our hypothesis is false.

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FALLACY OF DIVISION

The logical fallacy of arguing that what is true for the whole is also true for the parts. In the study of economics, this takes the form of assuming that what works for the aggregate, or macroeconomy, also works for parts of the economy, such as households or businesses. The contrasting fallacy is the fallacy of composition.

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APLS

GRAY SKITTERY
[What's This?]

Today, you are likely to spend a great deal of time at a dollar discount store hoping to buy either a handcrafted bird feeder or a New York Yankees baseball cap. Be on the lookout for infected paper cuts.
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This isn't me! What am I?

In 1914, Ford paid workers who were age 22 or older $5 per day -- double the average wage offered by other car factories.
"The greatest things ever done on Earth have been done little by little. "

-- William Jennings Bryan

CLI
Cost of Living Index
A PEDestrian's Guide
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