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NUMBER OF SELLERS: One of the five supply determinants assumed constant when a supply curve is constructed, and that shift the supply curve when they change. The other four are resource prices, technology, other prices, and sellers' expectations. This determinant is based on the simple observation that if more people are willing and able to sell a good, then supply is greater.

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Lesson 2: Economic Science | Unit 1: The Method Page: 2 of 20

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The scientific method has four important parts:
  • Theory: A theory is a scientifically accepted, interrelated body of general principles used to explain and understand some aspect of the world.
  • Principles: A principle is a generally accepted, verified, fundamental laws of nature. Principles establish cause and effect relations about the real world.
  • Hypotheses: An hypothesis is a reasonable proposition about the workings of the world that is inspired or implied by a theory and which may or may not be true.
  • Data: These are observations about what is actually happening in the real world. Data are used to validate or verify hypotheses and are essential to the scientific method.

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VOTING RULES

The guidelines followed by groups of individuals or members of society when making collective or joint decisions that involve casting formal indications of choice (that is, votes). The five most noted voting rules are majority, super majority, unanimity, plurality, and weighted. These rules determine if a choice is or is not approved by the voting group. Voting rules are important for the study of public choice and government inefficiencies that arise in the voting process due to the median voter, logrolling, and the voting paradox.

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Today, you are likely to spend a great deal of time flipping through the yellow pages wanting to buy either 500 feet of telephone cable or a package of 4 by 6 index cards, the ones with lines. Be on the lookout for cardboard boxes.
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A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
"Executives who get there and stay suggest solutions when they present the problems. "

-- Malcolm Forbes, business executive

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