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 Lesson 2: Economic Science | Unit 4: Science and Practice Page: 13 of 20

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An example of how the scientific method works:
• You suspect that a relationship exists between course grades and where students are seated in the class.
• Specifically, you think that students who sit closer to the front of the class receive higher the grades.
Three forms of our hypothesis:
General:
A More Specific Form:
• If students sit on the front row, then they receive As-- if they sit on the second row, then they receive Bs-- etc.
Using An Equation:
• G = a + bD, where b is negative, meaning students seated closer (small D) receive higher grades (large G).
• Key is that we can compare hypothesis with data.

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AGGREGATE EXPENDITURES

The total expenditures on gross domestic product undertaken in a given time period by the four sectors--household, business, government, and foreign. Expenditures made by each of these sectors are commonly termed consumption expenditures, investment expenditures, government purchases, and net exports. Aggregate expenditures (AE) are a cornerstone in the study of macroeconomics, playing critical roles in Keynesian economics, aggregate market analysis, and to a lesser degree, monetarism. In particular, aggregate expenditures are combined with the price level as aggregate demand.

 BROWN PRAGMATOX[What's This?] Today, you are likely to spend a great deal of time searching for rummage sales trying to buy either a pair of blue silicon oven mitts or a coffee cup commemorating the 2000 Olympics. Be on the lookout for high interest rates.Your Complete Scope
 Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
 "When I stand before God at the end of my life, I would hope that I would not have a single bit of talent left, and could say, „I used everything you gave me.¾"-- Erma Bombeck, writer
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