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FISCAL: Relating to government taxation, spending, or financial matters. The term is most often using in combination with other words, such as fiscal budget, fiscal year, or fiscal policy. In each case, the addition of the term "fiscal" means a connection with government financial matters. Fiscal policy, for example, is policy that makes use of government spending and taxation. Fiscal year is then the standard 12-month period government uses for collecting taxes, appropriating spending, and otherwise tabulating its budget.
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Lesson 2: Economic Science | Unit 3: Verification
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Page: 11 of 20
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Topic:
Evaluation: Don't Agree
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The data and hypothesis don't agree.- While we can never absolutely prove a universal positive, we can disprove it, we can reject it as false.
- Rejecting an hypothesis can be as useful and as informative than accepting it. We know something that is NOT true.
- If an hypothesis is wrong, then maybe the theory is wrong. Maybe the previously verified principles, unverifiable world axioms are wrong. Maybe the specific test was bad.
- Whether an hypothesis is accepted or rejected, the recommendation is to do another test and another
Remember science is a process, not a subject.
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LAW OF INCREASING OPPORTUNITY COST The proposition that opportunity cost, the value of foregone production, increases as the quantity of a good produced increases. This fundamental economic principles can be seen in the production possibilities schedule and is illustrated graphically through the slope of the production possibilities curve. It generates a distinctive convex shape, flat at the top and steep at the bottom.
Complete Entry | Visit the WEB*pedia |
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Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
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"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. " -- Steve Jobs, Apple Computer founder
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FOMC
Federal Open Market Committee
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