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SOCIAL SCIENCE: The scientific study of society--of human behavior and of social interactions. Several social sciences are economics, sociology, political science, and anthropology. Economics is considered a social science because it seeks to explain how society deals with the scarcity problem.

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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:
  • Students seated closer to the front receive higher grades.
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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BALANCE OF TRADE DEFICIT

The negative difference of the value of goods and services exported out of a country less the value of goods and services imported into the country. A balance of trade deficit is the official term for negative net exports that occurs when imports exceed exports. A balance of trade deficit is also termed an "unfavorable" balance of trade because it results in a net outflow of monetary payments from the domestic economic to the foreign sector, which tends to be bad for a country. The alternative is a balance of trade surplus in which exports exceed imports.

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Today, you are likely to spend a great deal of time calling an endless list of 800 numbers looking to buy either a box of multi-colored, plastic paper clips or several orange mixing bowls. Be on the lookout for broken fingernail clippers.
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General Electric is the only stock from the original 1896 Dow Jones Industrial Average remaining in the current index.
"Now is the only time there is. Make your now wow, your minutes miracles, and your days pay. Your life will have been magnificently lived and invested, and when you die you will have made a difference."

-- Mark Victor Hansen

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