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VALUE: Quite simply, this is the amount of consumer satisfaction directly or indirectly obtained from a good. service, or resource. The more a good satisfies a person's want or need, then the more valuable it is to that person. Furthermore, different people are likely to place different values on a good. Resources are valuable to the degree that they are used to produce stuff that consumers want. The bottom line is that value, like beauty, is truly in the eye of the beholder.

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Lesson Contents
Unit 1: The Method
  • Overview
  • Components
  • A Process
  • Unit 1 Summary
  • Unit 2: Theory
  • Concept
  • Abstraction
  • Economic Theories
  • Unit 2 Summary
  • Unit 3: Verification
  • Overview & Data
  • Evaluation
  • Evaluation:Don't Agree
  • Unit 3 Summary
  • Unit 4: Science and Practice
  • Set Up
  • Theory
  • Verification
  • Unit 4 Summary
  • Unit 5: Cause and Effect
  • Purpose
  • An Example
  • Analysis
  • Unit 5 Summary
  • Course Home
    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, The Method, introduces the scientific method, especially its' four key components -- theories, principles, hypothesis, and data.
    • The second unit, Theory, then takes a closer look at theories, including the central role played by abstraction.
    • In the third unit, Verification, we 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 in the fourth unit, Science and Practice, 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, Cause and Effect, examines the role that cause and effect plays in the scientific method and economic science.

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    TOTAL COST AND MARGINAL COST

    A mathematical connection between marginal cost and total cost stating that marginal cost IS the slope of the total cost curve. This relation between total cost and marginal cost is also seen with total variable cost. The slope of the total variable cost curve is marginal cost, as well. The relation between total cost and marginal cost is but another in the long line of applications of the total-marginal relation.

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    APLS

    WHITE GULLIBON
    [What's This?]

    Today, you are likely to spend a great deal of time calling an endless list of 800 numbers trying to buy either several orange mixing bowls or clothing for your pet dog. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
    Your Complete Scope

    This isn't me! What am I?

    In the early 1900s around 300 automobile companies operated in the United States.
    "Wise men speak because they have something to say; Fools because they have to say something. "

    -- Plato, philosopher

    SFA
    Securities and Futures Authority (UK)
    A PEDestrian's Guide
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