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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 1: The Method
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Page: 3 of 20
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The scientific method follows a process to systematically examine and explain our world. The process: - First, generally accepted principles form a theory.
- Second, the theory inspires hypotheses.
- Third, hypotheses are tested with real world data.
- Fourth, if supported, the hypotheses become principles.
- Fifth, new principles are added to the theory.
- Last, new, the improved theory inspires more hypotheses.
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AVERAGE FACTOR COST Total factor cost per unit of factor input employed by a firm in the production of output, found by dividing total factor cost by the quantity of factor input. Average factor cost, abbreviated AFC, is generally equal to the factor price. However, using the longer term average factor cost makes it easier to see the connection to related terms, including total factor cost and marginal factor cost.
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North Carolina supplied all the domestic gold coined for currency by the U.S. Mint in Philadelphia until 1828.
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"The greatest things ever done on Earth have been done little by little. " -- William Jennings Bryan
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EBC
Electronic Business Communications
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