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AD-AS MODEL: An economic model relating the price level and real production that is used to analyze business cycles, gross domestic product, unemployment, inflation, stabilization policies, and related macroeconomic phenomena. The AS-AD model, inspired by the standard market model, captures the interaction between aggregate demand (the buyers) and short-run and long-run aggregate supply (the sellers).

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Lesson 2: Economic Science | Unit 2: Theory Page: 5 of 20

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Here are three notable aspects of scientific theories:
  • Universal: Theories are best if they apply to a wide variety of events. The scientific method is the process of identifying general principles that eliminate exceptions.
  • World View: Theories typically build upon a world view as part of their general body of principles.
    • Verified Principles. These are confirmed through the process of hypotheses testing.
    • Unverifiable Axioms. These are beliefs that are not directly testable against real world data. These are accepted on faith.
  • Political: The world view reflected in an economic theory is usually associated with a political philosophy.

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PLANNED ECONOMY

An economy, or economic system, that relies heavily on central planning by government to allocate resources and answer the three basic questions of allocation. A planned economy is often a type of command economy, in which government uses its coercive powers to implement central planning allocation decisions.

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APLS

BLACK DISMALAPOD
[What's This?]

Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway wanting to buy either a graduation present for your niece or nephew or a toaster oven that has convection cooking. Be on the lookout for attractive cable television service repair people.
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The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

NLREG
Nonlinear Statistical Regression
A PEDestrian's Guide
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