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GOVERNMENT ENTERPRISES: Government owned and operated productive activities that operate much like private sector firms. They hire resources and purchase other inputs, then produce goods that are sold through markets. In some cases, government enterprises compete directly with private firms. One common example of a government enterprise is a city-operated electrical generation and distribution system. In some cities, this service is provided by private, for-profit, businesses and in other cities it is provided by government. Other examples of government enterprises include urban transportation systems, parks and recreational facilities, and communication systems.
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Lesson 2: Economic Science | Unit 1: The Method
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Page: 1 of 20
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Economics is part of the general process of inquiry, scientific inquiry, in to the workings of our world. A definition: - The scientific method is a structured way of investigating and explaining the operation of the world by testing and verifying hypothesized relationships.
Key points about the scientific method:- Explanation: The scientific method seeks to explain the mechanisms of the world, how things work. Science seeks to identify the basic laws of nature that govern the world. Economic science seeks to explain how the economic world works, to identify the economic laws of nature.
- Process: The scientific method is a process, a way of explaining, not a subject. The scientific method is also applied to society and human behavior. Economics is a social science, the scientific study of society.
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VALUE IN EXCHANGE The ability to trade an item or asset, especially money, for other goods and services that can then be used to satisfy wants and needs. Value in exchange means that value (that is, satisfaction) is obtained indirectly through the acquisition of something else. For an item to have value in exchange it need NOT have value in use, value obtained directly from the consumption of a good or service.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time searching for a specialty store wanting to buy either a birthday gift for your grandfather or a pleather CD case. Be on the lookout for fairy dust that tastes like salt.
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
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"You have to find something that you love enough to be able to take risks, jump over the hurdles and break through the brick walls that are always going to be placed in front of you. If you don't have that kind of feeling for what it is you're doing, you'll stop at the first giant hurdle. " -- George Lucas
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KLCE
Kuala Lumpur Commodity Exchange (Malaysia)
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