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GOVERNMENT PURCHASES DETERMINANTS: Ceteris paribus factors, other than aggregate income or production, that are held constant when the government purchases line is constructed and which cause the government purchases line to shift when they change. Some of the more important government purchases determinants are fiscal policy and politics.
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Lesson 2: Economic Science | Unit 5: Cause and Effect
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Page: 17 of 20
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The purpose of science is to identify the fundamental, basic laws of nature that guide our every moves.- The purpose of the scientific method is to explain the world by identifying cause and effect.
- For every action there is a consequence. And for every consequence there is a cause.
The first step is to identify cause and effect links is correlation:- Correlation. If event A causes event B, then event A is correlated with event B. But, correlation does not mean causation. Two events can be correlated, without one causing the other. Note the fallacy of false cause.
- Time Proximity. Event A and event B must happen at about the same time.
- Time Sequence. Event A must precede event B. If event B occurs first, then it can't be caused by event A.
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POSITIVE ECONOMICS The branch of economics that seeks to explain the way the economy actually operates. It is the application of the scientific method and the process of testing hypothesis to economic phenomena. A positive economic statement is one that can be refuted by looking at the real world--that is, by testing a hypothesis.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time searching the newspaper want ads trying to buy either arch supports for your shoes or an AC adapter that works with your MPG player. Be on the lookout for vindictive digital clocks with revenge on their minds.
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This isn't me! What am I?
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The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
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"Courage is the ladder on which all the other virtues mount." -- Claire Boothe Luce, diplomat, writer
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SEBI
Bombay Stock Exchange (India)
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