Monday  December 17, 2018
 AmosWEB means Economics with a Touch of Whimsy!
 FACTOR DEMAND DETERMINANTS: The three most important determinants that shift the factor demand curve are: (1) product price, (2) factor productivity, and (3) prices of other factors. Like any determinant, these three cause the factor demand curve to shift to a new location. An increase in factor demand is a rightward shift of the factor demand curve and a decrease in factor demand is a leftward shift.
 Most Viewed (Number) Visit the WEB*pedia

 Lesson 2: Economic Science | Unit 2: Theory Page: 6 of 20

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

Economic theories are abstractions of the real world.

Three ways to abstract:
• Words. The earliest human method of abstraction was to represent objects with words. Words also represent ideas. But words can have different meanings.
• Graphs. Pictures, especially graphical pictures. Many economic theories are abstractly represented with graphs. A picture or graph can be less confusing that words.
• Equations. Graphs are two-dimensional pictures of mathematical equations. Economic theories are often abstractly represented by equations. Equations can represent relationships between three or more things, like that for X, Y and Z:
Y = 3 + 2X - 4Z

| | |

AXIOM

A basic precondition or assumption underlying a theory. Axioms are basic, unverifiable world view assumptions--including personal beliefs, political views, and cultural values--that form the foundation of a theory.

 WHITE GULLIBON[What's This?] Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway looking to buy either a flower arrangement with anything but tulips for your grandfather or a birthday greeting card for your mother that doesn't look like a greeting card. Be on the lookout for pencil sharpeners with an attitude.Your Complete Scope
 One of the largest markets for gold in the United States is the manufacturing of class rings.
 "When I look back on all these worries, I remember the story of the old man who said on his deathbed that he had had a lot of trouble in his life, most of which had never happened. "-- Winston Churchill, British statesman
 GABGeneral Agreements to Borrow
 Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.

| | | | | | | | | | |
| | | |

Thanks for visiting AmosWEB