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January 19, 2018 

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GROSS DOMESTIC PRODUCT, INS AND OUTS: Gross domestic product is the total market value of all goods and services produced within the political boundaries of an economy during a given period of time, usually one year. Obtaining this value is not a simple task. It requires combining a lot of information from a number of different sources. For the U.S. economy, this includes trillions of dollars worth of production, hundreds of million of consumers, hundreds of thousands of businesses, and a bunch of market transactions each year.

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Lesson 2: Economic Science | Unit 3: Verification Page: 11 of 20

Topic: Evaluation: Don't Agree <=PAGE BACK | PAGE NEXT=>

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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PERSONAL INCOME AND NATIONAL INCOME

Personal income (PI) is the total income received by the members of the domestic household sector, which may or may not be earned from productive activities during a given period of time. National income (NI) is the total income earned by the citizens of the national economy resulting from their ownership of resources used in the production, which may or may not be received by members of the household sector. Personal income can be derived from national income by subtracting income earned but not received (IEBNR) and adding income received but not earned (IRBNE).

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APLS

GREEN LOGIGUIN
[What's This?]

Today, you are likely to spend a great deal of time at a crowded estate auction hoping to buy either a box of multi-colored, plastic paper clips or several orange mixing bowls. Be on the lookout for pencil sharpeners with an attitude.
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This isn't me! What am I?

North Carolina supplied all the domestic gold coined for currency by the U.S. Mint in Philadelphia until 1828.
"You are never given a dream without also being given the power to make it true."

-- Richard Bach, Author

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Federal Open Market Committee
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