|
|
LONG-RUN AGGREGATE SUPPLY CURVE: A graphical representation of the long-run relation between real production and the price level, holding all ceteris paribus aggregate supply determinants constant. The long-run aggregate supply, or LRAS, curve is one of two curves that graphical capture the supply-side of the aggregate market; the other is the short-run aggregate supply curve (SRAS). The demand-side of the aggregate market is occupied by the aggregate demand curve. The vertical LRAS curve captures the independent relation between real production and the price level that exists in the long run.
Visit the GLOSS*arama
|
|
|
|
|
Lesson 2: Economic Science | Unit 1: The Method
|
Page: 2 of 20
|
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.
|
|
|
|
|
|
|
INCENTIVE A cost or benefit that motivates a resource allocation decision or other action by consumers, businesses, or other participants in the economy. Incentives can be monetary or nonmonetary. A few of the more important incentives affecting economic decisions are prices, taxes, and government regulations.
Complete Entry | Visit the WEB*pedia |
|
|
|
One of the largest markets for gold in the United States is the manufacturing of class rings.
|
|
|
"The greatest things ever done on Earth have been done little by little. " -- William Jennings Bryan
|
|
DW
Durbin-Watson
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
