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October 18, 2018 

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ECONOMY: The system of production, distribution, and consumption of goods and services that a society uses to address the problem of scarcity. The essential task of an economy is to transform resources into useful goods and services (the act of production), then distribute or allocate these products to useful ends (the act of consumption). Virtually all economies accomplish this task through a combination of decisions made through voluntary market exchanges and involuntary government rules and regulations.

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Lesson 2: Economic Science | Unit 4: Science and Practice Page: 14 of 20

Topic: Theory <=PAGE BACK | PAGE NEXT=>

What theory inspired this hypothesis?
  • The suspicion might be informal, but that doesn't mean it lacks the basics of a theory:
  • World View:
    • Instructors are 'nice' people, who know and like students in the front of the class better-- and thus award them higher grades.
  • General Laws of Nature:
    • Less information reaches students seated in the back because of physical laws governing the diffusion of light and sound.
    • More motivated students, who study more and earn higher grades, are inclined to sit near the front of the class.

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AGGREGATE EXPENDITURES EQUATION

An equation that summarizes the four aggregate expenditures on gross domestic product by the four macroeconomic sectors. In the study of Keynesian economics, this equation is commonly used to summarize the demand side of the macroeconomy. The aggregate expenditures equation actually comes in three different versions depending on how many of the four sectors and their expenditures are included.

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APLS

YELLOW CHIPPEROON
[What's This?]

Today, you are likely to spend a great deal of time searching for a specialty store seeking to buy either a rechargeable battery for your computer or shoe laces for your snow boots. Be on the lookout for deranged pelicans.
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This isn't me! What am I?

Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
"Executives who get there and stay suggest solutions when they present the problems. "

-- Malcolm Forbes, business executive

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