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RAW MATERIALS: The stuff used in the production of tangible products that become the tangible products. Raw materials, also shorted to just materials, are part of the land category of scarce resources. Space is also part of the land resource category. Another term that works as a synonym for materials is natural resources. Perhaps it's obvious that without materials, there would be no tangible products.
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Lesson 2: Economic Science | Unit 2: Theory
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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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AVERAGE PROPENSITY TO CONSUME The proportion of household income that is used for consumption expenditures. The average propensity to consume (abbreviated APC) is really nothing more than average consumption. Together with the average propensity to save, it indicates how a given level of income is divided between consumption and saving. A related consumption measure is the marginal propensity to consume.
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A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
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"The greatest things ever done on Earth have been done little by little. " -- William Jennings Bryan
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PBOT
Phildelphia Board of Trade
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