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EQUITY: This has two, not totally unrelated, uses in our wonderful world of economics. The first is as one of the two micro goals (the other being efficiency) of a mixed economy. This use relates to the "fairness" of our income or wealth distributions. The second use of the term equity means ownership, especially the ownership of a business or corporation.
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Lesson 2: Economic Science | Unit 3: Verification
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Page: 12 of 20
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- How an hypothesis is verified using real world data.
- Ways to obtain data that can be used to test an hypothesis.
- The importance of the ceteris paribus assumption that other factors remain unchanged when testing an hypothesis.
- What it means to the scientific method when an hypothesis does and does not agree with real world data.
- How continually testing an hypothesis that agrees with real world data eventually gives us a principle.
- Why an hypothesis that does not agree with real world data can be just as valuable to the scientific method as one that does not.
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AVERAGE REVENUE CURVE A curve that graphically represents the relation between average revenue received by a firm for selling its output and the quantity of output sold. Because average revenue is essentially the price of a good, the average revenue curve is also the demand curve for a firm's output. The average revenue curve for a firm with no market control is horizontal. The average revenue curve for a firm with market control is negatively sloped.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time at a garage sale seeking to buy either a birthday greeting card for your grandmother or a coffee cup commemorating yesterday. Be on the lookout for the happiest person in the room.
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
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"I don't subscribe to the thesis, 'Let the buyer beware,' I prefer the disregarded one that goes, 'Let the seller be honest.'" -- Isaac Asimov, Author
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ASEAN
Association of South East Asian Nations
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