March 23, 2018 

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INCOME CHANGE, UTILITY ANALYSIS: A disruption of consumer equilibrium identified with utility analysis caused by changes in the buyers' income, which results in a change in the quantities of the goods consumed. The change in buyers' income alters the income constraint and forces a reevaluation of the rule of consumer equilibrium.

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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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A condition in which a given good or resource is limited relative to its desired uses. This is a special condition of the general condition of scarcity. A scarce good or resource is typically exchanged through markets and carries a positive price.

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Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway seeking to buy either a wall poster commemorating the 2000 Olympics or a flower arrangement with a lot of roses for your grandmother. Be on the lookout for celebrities who speak directly to you through your television.
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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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