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A POSTERIORI: A conclusion reached through logical reasoning based on facts and observations about the real world. This notion is closely related to the scientific verification of hypotheses and the identification of principles. A similar sounding, but opposite term is a prior, which is a unverified presumption made before an analysis is undertaken. For example, in the study of economics of crime you might assume, a priori, that people are basically "good", and conclude, a posteriori, that people are more likely to commit crimes when the threat of capture and conviction is lower.
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Lesson Contents
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Unit 1: Economics |
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Unit 2: Doing Economics |
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Unit 3: The Economy |
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Unit 4: Economic Goals |
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Unit 5: Economic Policies | |
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Economic Basics
Being the very first lesson in this course, this provides an introduction and overview of economics. You'll come across a lot of basic concepts and terms. The full importance of these may not become apparent until later lessons, but they will be important. The five units making up this lesson set the stage for the further study of economics. - The first unit offers up a basic definition and provides two useful lists -- the three questions of allocation and the seven rules of economics.
- The second unit then explores the practice of economics, including positive and normative economics, macroeconomics and microeconomics, and six common logical fallacies.
- In the third unit, we turn our attention to the economy, especially how real world economies contain a mix of markets and governments.
- We then examine the five basic goals of a mixed economy in the fourth unit, include the three macro goals of full employment, stability, and growth; and the two micro goals of efficiency and equity.
- The fifth and final unit in this lesson considers assorted economic policies that governments use to achieve the five economic goals.
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BANK LIABILITIES What a bank owes, including most notably customer deposits. Bank liabilities are typically listed on the right-hand side of a bank's balance sheet. Bank assets, what a bank owns, are listed on the left-hand side of a bank's balance sheet. Net worth is the difference between assets and liabilities. The most important liability category of most bank is checkable deposits, which is part of the economy's M1 money supply. The largest liability category includes other types of deposits (especially savings deposits, certificates of deposit, and money market deposits) that enter into the M2 and M3 monetary aggregates.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time looking for a downtown retail store trying to buy either a case of blank recordable DVDs or a pair of red goulashes with shiny buckles. Be on the lookout for slightly overweight pizza delivery guys.
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This isn't me! What am I?
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Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
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"The greatest things ever done on Earth have been done little by little. " -- William Jennings Bryan
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CBI
Confederation of British Industry
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