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BUSINESS SECTOR: The basic macroeconomic sector containing the private, profit-seeking firms in the economy that combine scarce resources into the production of wants-and-needs satisfying goods and services. The key economic function of the business sector is the production of goods and services. The three basic types of business organizations that comprise the business sector are proprietorship, partnership, and corporation. This is one of the four macroeconomic sectors. The other three are household sector, government sector, and foreign sector. You might want to check out the key role that the business sector plays in the circular flow.
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Lesson 8: Market Shocks | Unit 5: Cause and Effect
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Page: 18 of 20
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Topic:
Economic Science
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Economic analysis lets us examine market shocks in a systematic manner.- Many things affect the market. Prices and quantities can fall or raise for many different reasons.
- Ceteris paribus lets us isolate particular changes in the demand and supply determinants to analyze how price and quantity are affected.
- This market-shock analysis lets us isolate the basic cause and effect principles of economic science.
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LAW A generally accepted, verified, proven, fundamental scientific relation. A law is a scientifically certified, thoroughly verified, cause-and-effect relation about the workings of the world. It has been tested and retested through the scientific method. The law of demand, law of increasing opportunity cost, and law of diminishing marginal utility are three fundamental (and extremely important) economic laws of nature.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors seeking to buy either a birthday gift for your grandfather or a pleather CD case. Be on the lookout for poorly written technical manuals.
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This isn't me! What am I?
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More money is spent on gardening than on any other hobby.
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"The past is a foreign country; they do things differently there." -- Leslie Poles Hartley, Writer
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SAFEX
South African Futures Exchange
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