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NEEDS STANDARD: One of three basic income distribution standards (the other two are contributive standard and equality standard). The needs standard distributes income based on how many goods and services people require. A manual laborer, for example, who exerts more physical effort, would receive more income to buy more food that an office worker who burns fewer calories during the day. The U.S. welfare system primarily employs this needs standard when determining the poverty line and subsequent welfare payments.
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Lesson 2: Economic Science | Unit 1: The Method
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Page: 4 of 20
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- The basics of the scientific method used to identify and explain the world.
- An overview of the four components of the scientific method--theory, principles, hypotheses, and data.
- How hypotheses are derived from a theory and how they are tested against real world data.
- How the hypothesis verification process is used to identify scientific principles that enable a new, improved theory.
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AGGREGATE SUPPLY INCREASE, SHORT-RUN AGGREGATE MARKET A shock to the short-run aggregate market caused by an increase in aggregate supply, resulting in and illustrated by a rightward shift of the short-run aggregate supply curve. An increase in aggregate supply in the short-run aggregate market results in a decrease in the price level and an increase in real production. The level of real production resulting from the shock can be greater or less than full-employment real production.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time wandering around the downtown area looking to buy either a rechargeable battery for your computer or shoe laces for your snow boots. Be on the lookout for high interest rates.
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This isn't me! What am I?
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In 1914, Ford paid workers who were age 22 or older $5 per day -- double the average wage offered by other car factories.
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"The secret of getting ahead is getting started. The secret of getting started is breaking your complex, overwhelming tasks into small manageable tasks, and then starting on the first one. " -- Mark Twain, writer
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AR(N)
A nth-order Autoregressive Process
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