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KEYNESIAN THEORY: A theory of macroeconomics developed by John Maynard Keynes built on the proposition that aggregate demand is the primary source of business cycle instability, especially recessions. The basic structure of the Keynesian theory of economics was initially presented in Keynes' book The General Theory of Employment, Interest, and Money (1936).

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Lesson 2: Economic Science | Unit 3: Verification Page: 12 of 20

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  • How an hypothesis is verified using real world data.
  • Ways to obtain data that can be used to test an hypothesis.
  • The importance of the ceteris paribus assumption that other factors remain unchanged when testing an hypothesis.
  • What it means to the scientific method when an hypothesis does and does not agree with real world data.
  • How continually testing an hypothesis that agrees with real world data eventually gives us a principle.
  • Why an hypothesis that does not agree with real world data can be just as valuable to the scientific method as one that does not.

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AVERAGE REVENUE CURVE

A curve that graphically represents the relation between average revenue received by a firm for selling its output and the quantity of output sold. Because average revenue is essentially the price of a good, the average revenue curve is also the demand curve for a firm's output. The average revenue curve for a firm with no market control is horizontal. The average revenue curve for a firm with market control is negatively sloped.

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Today, you are likely to spend a great deal of time at a going out of business sale wanting to buy either an AC adapter for your CD player or storage boxes for your family photos. Be on the lookout for fairy dust that tastes like salt.
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The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
"The greatest barrier to success is the fear of failure."

-- Sven Goran Eriksson, writer

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Nagoya Stock Exchange (Japan)
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