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MEASURE OF VALUE: The money function in which money is used as the common benchmark to designate the prices of goods throughout the economy. Measure of value, or unit of account, means money is functioning as the measuring unit for prices. In other words, prices of goods are stated in terms of the monetary unit. This is one of four basic functions of money. The other three are medium of exchange, store of value, and standard of deferred payment.
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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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GOVERNMENT BUREAUCRACIES Relatively complex government organizations that operate according to rules and procedures to implement the programs and policies of political leaders. A bureaucracy is a complex organization that usually contains hundreds or even thousands of employees, each with different duties and responsibilities. Bureaucracies exist in all types of organizations -- private, public, government, business, charities, corporations, even households. The study of public choice indicates that government bureaucracies are one source of government inefficiency. Other sources are politicians, voters, and special interest groups.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites trying to buy either rechargeable batteries or a rechargeable battery for your computer. Be on the lookout for door-to-door salesmen.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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"The only thing that will stop you from fulfilling your dreams is you. " -- Tom Bradley, former Los Angeles mayor
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MSE
Mean Square Error
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