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December 13, 2018 

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THEORY: A scientifically verified, interrelated body of general principles, axioms, and assumptions that is used to explain and understand real world phenomena. Theories are the cornerstone of the scientific method. They generate the hypotheses that are verified against real world data, which is the day-to-day process of doing science. The construction and refinement of theories, accomplished through the hypothesis verification process, is also the basic goal of doing science.

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Lesson 9: Macro Basics | Unit 4: Policies Page: 13 of 16

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  • Government stabilization policies that seek to bring the economy closer to the macro goals of full employment, stability and growth.
  • The two basic viewpoints regarding the role of the government: (a) Liberal Democrat: Government is the only way to keep the economy running smoothly and (b) Conservative Republican: Government is the problem, not the solution.


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CONGLOMERATE MERGER

The consolidation of two or more separately-owned businesses, operating in separate industries, into a single firm. This is one of three types of mergers. The other two are horizontal merger--two competing firms in the same industry that sell the same products--and vertical merger--two firms in different stages of the production of one good, such that the output of one business is the input of the other.

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BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time wandering around the downtown area trying to buy either a green and yellow striped sweater vest or a Boston Red Sox baseball cap. Be on the lookout for deranged pelicans.
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Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
"Follow effective action with quiet reflection. From the quiet reflection will come even more effective action. "

-- Peter F. Drucker, author

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