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POVERTY RATE: The proportion of the population that lies beneath the official poverty line. For example, if the total population of the country is 270 million, and 40 million have incomes placing them below the official poverty line, then the poverty rate is 14.8%.
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Lesson 2: Economic Science | Unit 2: Theory
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Page: 6 of 20
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Economic theories are abstractions of the real world.
Three ways to abstract:- Words. The earliest human method of abstraction was to represent objects with words. Words also represent ideas. But words can have different meanings.
- Graphs. Pictures, especially graphical pictures. Many economic theories are abstractly represented with graphs. A picture or graph can be less confusing that words.
- Equations. Graphs are two-dimensional pictures of mathematical equations. Economic theories are often abstractly represented by equations. Equations can represent relationships between three or more things, like that for X, Y and Z:
Y = 3 + 2X - 4Z
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AVERAGE FACTOR COST, PERFECT COMPETITION Total factor cost per unit of factor input employed by a perfectly competitive 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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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time watching the shopping channel seeking to buy either a turbo-powered vacuum cleaner or a battery-powered, rechargeable vacuum cleaner. Be on the lookout for high interest rates.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. " -- Steve Jobs, Apple Computer founder
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Exports;Marks the Spot
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