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FICA: The abbreviation for Federal Insurance Contributions Act, passed in 1939, which established payroll deductions from wage-earning employees and the employers for the Social Security system. This is the noted Social Security tax that wage earners pay and which is then used to provide Social Security benefits to the elderly, disable, and qualified dependents.

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Lesson 2: Economic Science | Unit 5: Cause and Effect Page: 17 of 20

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

The purpose of science is to identify the fundamental, basic laws of nature that guide our every moves.
  • The purpose of the scientific method is to explain the world by identifying cause and effect.
  • For every action there is a consequence. And for every consequence there is a cause.
The first step is to identify cause and effect links is correlation:

  • Correlation. If event A causes event B, then event A is correlated with event B. But, correlation does not mean causation. Two events can be correlated, without one causing the other. Note the fallacy of false cause.
  • Time Proximity. Event A and event B must happen at about the same time.
  • Time Sequence. Event A must precede event B. If event B occurs first, then it can't be caused by event A.

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BALANCE OF PAYMENTS

A comprehensive set of accounts that tracks the flow of currency and other monetary assets coming in to and going out of a nation. These payments are used for international trade, foreign investments, and other financial activities. The balance of payments is divided into two accounts -- current account (which includes payments for imports, exports, services, and transfers) and capital account (which includes payments for physical and financial assets). A deficit in one account is matched by a surplus in the other account. The balance of trade is only one part of the overall balance of payments set of accounts.

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APLS

RED AGGRESSERINE
[What's This?]

Today, you are likely to spend a great deal of time watching infomercials trying to buy either decorative picture frames or storage boxes for your income tax returns. Be on the lookout for cardboard boxes.
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This isn't me! What am I?

In the early 1900s around 300 automobile companies operated in the United States.
"You are never given a dream without also being given the power to make it true."

-- Richard Bach, Author

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