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ECONOMIES OF SCALE: Declining long-run average cost that occurs as a firm increases all inputs and expands its scale of production. This is graphically illustrated by a negatively-sloped long-run average cost curve and typically occurs for relatively small levels of production. Economies of scale are then overwhelmed by diseconomies of scale for relatively large production levels. Together, economies of scale and diseconomies of scale cause the long-run average cost curve to be U-shaped.

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Lesson 2: Economic Science | Unit 2: Theory Page: 5 of 20

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Here are three notable aspects of scientific theories:
  • Universal: Theories are best if they apply to a wide variety of events. The scientific method is the process of identifying general principles that eliminate exceptions.
  • World View: Theories typically build upon a world view as part of their general body of principles.
    • Verified Principles. These are confirmed through the process of hypotheses testing.
    • Unverifiable Axioms. These are beliefs that are not directly testable against real world data. These are accepted on faith.
  • Political: The world view reflected in an economic theory is usually associated with a political philosophy.

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INTERNAL REVENUE SERVICE

A branch of the Department of Treasury that is responsible for collecting federal income taxes and administering the Internal Revenue Code. The Internal Revenue Service (IRS) is the office of the U.S. government that collects the tax revenue needed to purchase goods, pay administrative expenses, and finance assorted government functions. The IRS was established during the Civil War in 1862, but underwent a major overhaul in 1913 when the 16th amendment to the U.S. Constitution gave it the power to collect income taxes.

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Today, you are likely to spend a great deal of time at a flea market wanting to buy either rechargeable batteries or a rechargeable battery for your computer. Be on the lookout for fairy dust that tastes like salt.
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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
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