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A POSTERIORI: A conclusion reached through logical reasoning based on facts and observations about the real world. This notion is closely related to the scientific verification of hypotheses and the identification of principles. A similar sounding, but opposite term is a prior, which is a unverified presumption made before an analysis is undertaken. For example, in the study of economics of crime you might assume, a priori, that people are basically "good", and conclude, a posteriori, that people are more likely to commit crimes when the threat of capture and conviction is lower.

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Lesson 4: Production Possibilities | Unit 1: Getting Started Page: 4 of 24

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  • The basic production possibilities analysis.
  • How the production possibilities analysis can be used to (a) help answer the "What?" question of allocation, (b) understand basic macroeconomic concepts, and (c) work with graphical analysis.
  • The four assumptions of production possibilities analysis-two goods, fixed resources, fixed technology, and technical efficiency.
  • The limitations of production possibilities analysis-it tells us what is possible, not what is best.


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DATA

Observations or measurements that quantify or otherwise identify some aspect of the real world. Data are used to track economic performance, quantify economic characteristics, and test economic hypotheses. Data collection is often the most challenging part of undertaking an empirical analysis.

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[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 three-hole paper punch or decorative picture frames. Be on the lookout for slightly overweight pizza delivery guys.
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A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
"There comes a time when the mind takes a higher plane of knowledge but can never prove how it got there. "

-- Albert Einstein, physicist

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Purchasing Power Parity
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