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CENTRAL PLANNING: A system of extensive central government control of an economy, including organizing production and making allocation decisions. This was the popular method of allocating resources and answering the three basic questions of allocation under the communism/socialism economic systems of the Soviet Union, China, and others during the 1950s, 1960s, and 1970s. Applying the communist/socialist philosophy that private property and market allocation were "bad," central planning relied on extremely detailed plans made by government. These plans would set specific production quotas for individual products, parts, components, and inputs fabricated by all of the factories and farms across the economy. This was a daunting, complex task that required detailed production information for hundreds of thousands of different commodities.
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Lesson Contents
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Unit 1: The Method |
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Unit 2: Theory |
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Unit 3: Verification |
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Unit 4: Science and Practice |
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Unit 5: Cause and Effect | |
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Economic Science
In this lesson you'll see why and how the scientific method is a process of discovery. You'll see that it's a process of building theories to explain the workings of the world (the economy) by proposing then testing hypotheses. The five units making up this lesson will guide you through the basics of the scientific method and how it's used in the study of economics. - The first unit introduces the scientific method, especially its' four key components -- theories, principles, hypothesis, and data.
- The second unit then takes a closer look at theories, including the central role played by abstraction.
- In the third unit, we will focus on the process of verification -- how and why hypothesized relationships about the workings of the economy are compared with actual data.
- We then turn out attention to a simple example of how the scientific method is used to test a hypothesized relation between course grades and where students are seated in a classroom.
- The fifth and final unit in this lesson examines the role that cause and effect plays in the scientific method and economic science.
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AGGREGATE DEMAND DECREASE, SHORT-RUN AGGREGATE MARKET A shock to the short-run aggregate market caused by a decrease in aggregate demand, resulting in and illustrated by a leftward shift of the aggregate demand curve. A decrease in aggregate demand in the short-run aggregate market results in a decrease in the price level and a decrease in real production. The level of real production resulting from the shock can be greater or less than full-employment real production.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time searching for a specialty store looking to buy either a toaster oven that has convection cooking or a birthday gift for your mother. Be on the lookout for door-to-door salesmen.
Your Complete Scope
This isn't me! What am I?
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Helping spur the U.S. industrial revolution, Thomas Edison patented nearly 1300 inventions, 300 of which came out of his Menlo Park "invention factory" during a four-year period.
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"All things are difficult before they are easy." -- Thomas Fuller, Physician
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SRO
Self-regulatory Organizations
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