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PHYSICAL ASSET: A productive resource, capital, property, or satisfaction-generating good. Also termed real asset. This should be contrasted with financial assets that are legal claims on physical assets.

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Lesson 2: Economic Science | Unit 3: Verification Page: 9 of 20

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An hypothesis is a possible, even probable, scientific relationship. An hypotheses is a candidate to become a principle. Hypothesis must be tested before becoming principles.
  • A possible hypothesis: The distance between a passing car and a jogger depends on the driver's political philosophy.
  • Alternative hypotheses can also explain differences in distance between jogger and passing car.
An hypothesis that seems reasonable is not necessarily right. It must be verified with real world data.
  • The scientific method does not accept an explanation at face value. It needs to prove an explanation is correct.
  • Scientists check to see if a reasonable explanation is consistent with the data. The scientific process is all about verifying hypotheses.
  • To test our hypothesis, ask people about passing distance and political affiliation.
  • While subjective data, based on asking people, can be useful, objective methods of data collection are usually preferred. Let's use lasers.
  • Government is a fruitful source of objective data.

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OUTPUT GAPS

Recessionary and inflationary gaps created by differences between equilibrium real production achieved by the short-run aggregate market and full-employment real production. A recessionary gap occurs if short-run equilibrium real production is less than full-employment real production. An inflationary gap results if short-run real equilibrium production is greater than full-employment real production.

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APLS

PURPLE SMARPHIN
[What's This?]

Today, you are likely to spend a great deal of time looking for a downtown retail store seeking to buy either looseleaf notebook paper or a three-hole paper punch. Be on the lookout for letters from the Internal Revenue Service.
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This isn't me! What am I?

The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
"Good humor is a tonic for mind and body. It is the best antidote for anxiety and depression. It is a business asset. It attracts and keeps friends. It lightens human burdens. It is the direct route to serenity and contentment."

-- Grenville Kleiser, Author

VIR
Variable Interest Rate
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