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INDEPENDENT VARIABLE: A variable that is identified outside the workings of the model. Also termed an exogenous variable, an independent variable is in essence the "input" of the model. It should be compared with an endogenous variable this is the "output" of the model.

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Lesson 2: Economic Science | Unit 3: Verification Page: 10 of 20

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Ceteris Paribus Assumption:
In order to test an hypothesis we need to keep constant other factors that may affect it. Other things are called ceteris paribus factors.

The last step in the process is to evaluate the hypothesis. We have two possibilities-data and hypothesis agree-- data and hypothesis don't agree.

The data and hypothesis agree.

  • Because we can not prove an absolute, this possibility gives us support for the hypothesis, but not absolute proof that it is correct.
  • To get a proof, we need to test the hypothesis many times under several different conditions. But even then, we can not be 100%, absolutely certain.
  • With growing certainty of the validity of the hypothesis, it becomes a principle and is added to the theory for an expanded theory.

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SCIENTIFIC METHOD

A structured way of investigating and explaining the operation of the world by testing and verifying hypothesized relations. The scientific method is a process of discovery, a method of explaining the way the world operates. Positive economics is the application of the scientific method to economic analysis.

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Today, you are likely to spend a great deal of time searching for a specialty store looking to buy either a genuine down-filled pillow or one of those "hang in there" kitty cat posters. Be on the lookout for poorly written technical manuals.
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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
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