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ECONOMIC GOOD: The transformation of limited resources for the purpose of satisfying unlimited wants and needs. You might detect a similarity between the term economic good and the term scarcity. The reason is that "economic good" is another term for scarce good. We call a scarce good an economic good because a scarce good is one that can be traded through markets.

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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 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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    VERIFICATION

    The hypothesis-testing step of the scientific method in which the hypothesized implication of a theory is compared against real world events and data. This verification can provide support or refutation of the hypothesis. Enough support enables a hypothesis to become a principle. Refutation calls into question the theory implying the hypothesis. In either event, further analysis is indicated.

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    [What's This?]

    Today, you are likely to spend a great deal of time at a garage sale seeking to buy either decorative garden figurines or a wall poster commemorating last Friday (you know why). Be on the lookout for strangers with large satchels of used undergarments.
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    This isn't me! What am I?

    Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
    "When you play, play hard; when you work, don't play at all. "

    -- Theodore Roosevelt, 26th US president

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