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UNIT ELASTIC: An elasticity alternative in which any percentage change in price cause an equal percentage change in quantity. In other words, any change in price, whether big or small, triggers exactly the same percentage change in quantity. Unit elastic should be compared with other elasticity alternatives--perfectly elastic, perfectly inelastic, relatively elastic, and relatively inelastic.
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Lesson 2: Economic Science | Unit 1: The Method
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Page: 2 of 20
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The scientific method has four important parts:- Theory: A theory is a scientifically accepted, interrelated body of general principles used to explain and understand some aspect of the world.
- Principles: A principle is a generally accepted, verified, fundamental laws of nature. Principles establish cause and effect relations about the real world.
- Hypotheses: An hypothesis is a reasonable proposition about the workings of the world that is inspired or implied by a theory and which may or may not be true.
- Data: These are observations about what is actually happening in the real world. Data are used to validate or verify hypotheses and are essential to the scientific method.
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IMPERFECT COMPETITION Markets or industries with two or more sellers and buyers that fail to match the criteria of perfect competition. The most noted examples of imperfect competition are the two market structures with selling-side control--monopolistic competition and oligopoly. Lesser known market structures with buying-side control--monopsonistic competition and oligopsony--are also considered as imperfect competition. Facing no competition, monopoly and monopsony are not included. Most real world markets can be considered imperfect competition.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time at a garage sale looking to buy either an extra large beach blanket or a large flower pot shaped like a Greek urn. Be on the lookout for letters from the Internal Revenue Service.
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This isn't me! What am I?
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Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
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"In order to create there must be a dynamic force, and what force is more potent than love." -- Igor Stravinsky, violinist
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PSE
Pacific Stock Exchange (US, LA and San Francisco)
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