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October 18, 2018 

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GINI INDEX: One of the most common measures of income or wealth distributions. It indicates how equal, or unequal, income, wealth, or similar stuff is distributed among the population. If you happen to come across a Gini index, you'll see that it falls in the range of 0 to 1. A value of 0 tells you that the distribution is perfectly equal, that is, everyone has exactly the same amount of income, wealth, or whatever. A value of 1, however, tells you that the distribution is what we could call perfectly unequal, that is, one person has everything and everyone else has nothing.

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Lesson 2: Economic Science | Unit 2: Theory Page: 5 of 20

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Here are three notable aspects of scientific theories:
  • Universal: Theories are best if they apply to a wide variety of events. The scientific method is the process of identifying general principles that eliminate exceptions.
  • World View: Theories typically build upon a world view as part of their general body of principles.
    • Verified Principles. These are confirmed through the process of hypotheses testing.
    • Unverifiable Axioms. These are beliefs that are not directly testable against real world data. These are accepted on faith.
  • Political: The world view reflected in an economic theory is usually associated with a political philosophy.

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AGGREGATE DEMAND DETERMINANTS

An assortment of ceteris paribus factors other than the price level that affect aggregate demand, but which are assumed constant when the aggregate demand curve is constructed. Changes in any of the aggregate demand determinants cause the aggregate demand curve to shift. The specific ceteris paribus factors are commonly grouped by the four, broad expenditure categories--consumption expenditures, investment expenditures, government purchases, and net exports.

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GRAY SKITTERY
[What's This?]

Today, you are likely to spend a great deal of time surfing the Internet looking to buy either a cell phone case or a pair of designer sunglasses. Be on the lookout for the last item on a shelf.
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This isn't me! What am I?

Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
"Executives who get there and stay suggest solutions when they present the problems. "

-- Malcolm Forbes, business executive

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