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VALUE IN USE: The satisfaction of wants and needs provided by the direct consumption of goods and services. Acquiring value from the use of goods and services is really the ultimate goal of economic activity. It is the final step in the production, allocation, and consumption activities that undertaken to address the fundamental problem of scarcity. Value in use should be contrasted with the similar phrase, value in exchange.
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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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AVERAGE FACTOR COST CURVE, PERFECT COMPETITION A curve that graphically represents the relation between average factor cost incurred by a perfectly competitive firm for employing an input and the quantity of input used. Because average factor cost is essentially the price of the input, the average factor cost curve is also the supply curve for the input. The average factor cost curve for a perfectly competitive firm with no market control is horizontal. The average revenue curve for a firm with market control is positively sloped.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
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"What gets measured gets done." -- Peter Drucker, educator
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SMSA
Standard Metropolitan Statistical Area
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