Google
Saturday 
January 20, 2018 

AmosWEB means Economics with a Touch of Whimsy!

AmosWEBWEB*pediaGLOSS*aramaECON*worldCLASS*portalQUIZ*tasticPED GuideXtra CrediteTutorA*PLS
ECONOMIC SCIENCE: The application of the scientific method to economic phenomena. In other words, economists develop theories, test hypotheses, and seek to explain things like prices, unemployment rates, monopolize markets, business cycles, market shortages, and virtually everything else that might be considered economic "stuff." However, economic science is also directed toward phenomenon that might NOT be considered economics, including voting, crime, and leisure. The key element, however, is that all of these, and many more, phenomena related to the fundamental problem of scarcity in one way or the other.

Visit the GLOSS*arama

Most Viewed (Number) Visit the WEB*pedia

Lesson 2: Economic Science | Unit 1: The Method Page: 3 of 20

Topic: A Process <=PAGE BACK | PAGE NEXT=>

The scientific method follows a process to systematically examine and explain our world.

The process:

  • First, generally accepted principles form a theory.
  • Second, the theory inspires hypotheses.
  • Third, hypotheses are tested with real world data.
  • Fourth, if supported, the hypotheses become principles.
  • Fifth, new principles are added to the theory.
  • Last, new, the improved theory inspires more hypotheses.

Course Home | Lesson Menu | Page Back | Page Next

PRICE RATIONING

The distribution or allocation of a limited commodity using markets and prices. Rationing is needed due to the scarcity problem. Because wants and needs are unlimited, but resources are limited, available commodities must be rationed out to competing uses. Markets ration commodities by limiting the purchase only to those buyers willing and able to pay the price.

Complete Entry | Visit the WEB*pedia


APLS

ORANGE REBELOON
[What's This?]

Today, you are likely to spend a great deal of time at the confiscated property police auction looking to buy either a pair of red goulashes with shiny buckles or a handcrafted bird feeder. Be on the lookout for letters from the Internal Revenue Service.
Your Complete Scope

This isn't me! What am I?

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.
"Act well at the moment, and you have performed a good action for all eternity."

-- Johann Kaspar Lavater

IROR
Internal Rate of Return
A PEDestrian's Guide
Xtra Credit
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.

User Feedback



| AmosWEB | WEB*pedia | GLOSS*arama | ECON*world | CLASS*portal | QUIZ*tastic | PED Guide | Xtra Credit | eTutor | A*PLS |
| About Us | Terms of Use | Privacy Statement |

Thanks for visiting AmosWEB
Copyright ©2000-2018 AmosWEB*LLC
Send comments or questions to: WebMaster