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VALUE IN USE: The satisfaction of wants and needs provided by the direct consumption of goods and services. Acquiring value from the use of goods and services is really the ultimate goal of economic activity. It is the final step in the production, allocation, and consumption activities that undertaken to address the fundamental problem of scarcity. Value in use should be contrasted with the similar phrase, value in exchange.
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                           PHYSICAL SCIENCE: The scientific study of the physical world, especially nonhuman, nonsociety phenomena, such as atoms, planets, wildlife, and continental drift. Common disciplines that study these physical phenomena are physics, chemistry, biology, geology, and astronomy. Physical science is one of two broad scientific classifications. The other is social science, which is the study human behavior and society. Physical science contains the areas of study most commonly associated with the term science, especially astronomy, physics, chemistry, and biology. These are the areas that were first to use the scientific method to explain and understand the workings of the world. Chemists, physicists, biologists, and astronomers developed experiments, data collection techniques, and hypothesis testing procedures designed to develop theoretical explanations of the world.Because these physical sciences were the first to use the scientific method some scientific purists tend to look down on social sciences, including economics, as not meriting the title of "science." The distinction between social and physical sciences, however, is somewhat arbitrary. For example, while psychologists study human behavior and chemists study chemical reactions, a growing body of evidence suggests that human behavior depends on chemical reactions in the brain. As such, are chemists who study the chemistry of the brain doing physical science or social science? Or are psychologists who study behavior related to the chemistry of the brain doing social science or physical science? The conclusion is both and neither. The conclusion is that the real world is somewhat arbitrarily segmented into different areas, including physical science and social science as well as chemistry and psychology. This segmentation enables specialization of scientific effort as scientists become experts in narrowly defined topics. The real world, however, is a continuum of complex, interrelated phenomena. So long as this interrelated continuum is recognized, specialization produces all sorts of efficiency benefits.
Recommended Citation:PHYSICAL SCIENCE, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2023. [Accessed: February 7, 2023].
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BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time at the confiscated property police auction seeking to buy either clothing for your pet dog or an ink cartridge for your printer. Be on the lookout for pencil sharpeners with an attitude.
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The first paper notes printed in the United States were in denominations of 1 cent, 5 cents, 25 cents, and 50 cents.
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"Everyone's got it in him, if he'll only make up his mind and stick at it. None of us is born with a stop-valve on his powers or with a set limit to his capacities. There's no limit possible to the expansion of each one of us." -- Charles M. Schwab
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JPE
Journal of Political Economy
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