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LAW: Generally accepted, verified, fundamental principle of nature. Laws have been tested and verified through the scientific method. As a house is constructed from concrete, lumber, and nails, a theory is constructed from laws. To be a fundamental law of nature, a principle must capture a cause-and-effect relationship about the workings of the world.
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Lesson 2: Economic Science | Unit 5: Cause and Effect
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Page: 20 of 20
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- How and why the scientific method seeks to identify the fundamental cause and effect links that constitute scientific principles.
- Why correlation between events is the first step when identifying cause and effect links.
- The importance of considering time proximity and time sequence when identifying cause and effect links.
- How a simple example dealing with the effect of advertising on the production and sales of shoes involves several different cause and effect links.
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AVERAGE FACTOR COST CURVE, PERFECT COMPETITION A curve that graphically represents the relation between average factor cost incurred by a perfectly competitive firm for employing an input and the quantity of input used. Because average factor cost is essentially the price of the input, the average factor cost curve is also the supply curve for the input. The average factor cost curve for a perfectly competitive firm with no market control is horizontal. The average revenue curve for a firm with market control is positively sloped.
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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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The word "fiscal" is derived from a Latin word meaning "moneybag."
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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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JF
Journal of Finance
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