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 AD CURVE: The aggregate demand curve, which is a graphical representation of the relation between aggregate expenditures on real production and the price level, holding all ceteris paribus aggregate demand determinants constant. The aggregate demand, or AD, curve is one side of the graphical presentation of the aggregate market. The other side is occupied by the aggregate supply curve (which is actually two curves, the long-run aggregate supply curve and the short-run aggregate supply curve). The negative slope of the aggregate demand curve captures the inverse relation between aggregate expenditures on real production and the price level. This negative slope is attributable to the interest-rate effect, real-balance effect, and net-export effect.
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 Lesson 2: Economic Science | Unit 3: Verification Page: 10 of 20

 Topic: Evaluation <=PAGE BACK | PAGE NEXT=>

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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LABOR FORCE

The total number of people in an economy, society, or country willing and able to exert mental and/or physical efforts in productive activities. The labor force is a more technical term for the labor resource or labor supply. It includes both employed workers and unemployed workers. An official variation of this term is civilian labor force. While labor force may or may not include military personnel, the civilian labor force explicitly excludes the military. Labor and labor resources are the theoretical terms that economists like to banter about. Labor force and civilian labor force are the terms of choice for government policy makers, data-crunchers, and others who need precise labor resource numbers.

 BEIGE MUNDORTLE[What's This?] Today, you are likely to spend a great deal of time lost in your local discount super center hoping to buy either clothing for your kitty cats or a set of luggage without wheels. Be on the lookout for slow moving vehicles with darkened windows.Your Complete Scope
 There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
 "Do what you feel in your heart to be right ‚ for you'll be criticized anyway. You'll be damned if you do and damned if you don't. "-- Eleanor Roosevelt, first lady
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