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LAND: One of four basic categories of resources, or factors of production (the other three are labor, capital, and entrepreneurship). This category includes the natural resources used to produce goods and services, including the land itself; the minerals and nutrients in the ground; the water, wildlife, and vegetation on the surface; and the air above.
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Lesson 2: Economic Science | Unit 2: Theory
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Page: 8 of 20
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- That the best scientific theory is one that offers a universal explanation of the real world.
- How scientific theories are comprised of verified principles and unverified axioms or beliefs that constitute a world view.
- That the world view of many theories is also intertwined with a political philosophy.
- The inherent need for abstraction in the development of scientific theories.
- Three common forms of abstraction--words, graphs, and equations.
- An introduction of three economic theories--markets, aggregate markets, and Keynesian economics.
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INDUCED GOVERNMENT PURCHASES Government purchases that depend on income or production (especially national income and gross domestic product). That is, changes in income induce changes in government purchases. Induced government purchases reflect the observation that the government sector (especially state and local governments) is inclined to use tax revenue, which increases with income, for purchases. They are measured by the marginal propensity for government purchases (MPG) and are reflected by the positive slope of government purchases line. The alternative to induced government purchases is autonomous government purchases, which do not depend on income.
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Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
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"When you play, play hard; when you work, don't play at all. " -- Theodore Roosevelt, 26th US president
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AS
Aggregate Supply
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