March 23, 2018 

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HOMOGENEOUS OF DEGREE ZERO: A property of an equation the exists if independent variables are increased by a constant value, then the dependent variable is increased by the value raised to the power of 0. In other words, for any changes in the independent variables, the dependent variable does not change. This is a special type of homogeneous equation.

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Lesson 2: Economic Science | Unit 2: Theory Page: 7 of 20

Topic: Economic Theories <=PAGE BACK | PAGE NEXT=>

Three common economic theories:
  • Markets theory: It helps us understand how and why prices change, shortages and surpluses occur, and markets are monopolized.
  • Aggregate Markets theory: It uses principles and concepts developed in the theory of markets, but adapts them to the study macroeconomic things like inflation, unemployment, national production, and business cycles.
  • Keynesian theory: Named after it's creator John Maynard Keynes, it was developed to explain high rates of unemployment and other economic conditions that existed during the Great Depression of the 1930s.

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Net exports by the foreign sector that do not depend on income or production (especially national income or gross domestic product). That is, changes in income do not generate changes in net exports. Autonomous net exports are best thought of as net exports that the foreign sector undertakes independent of income. They are measured by the intercept term of the net exports line. The alternative to autonomous net exports is induced net exports, which do depend on income.

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Today, you are likely to spend a great deal of time browsing through a long list of dot com websites trying to buy either a T-shirt commemorating the 2000 Olympics or a genuine fake plastic Tiffany lamp. Be on the lookout for cardboard boxes.
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