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SAVINGS ACCOUNTS: Accounts maintained by banks, savings and loan associations, credit unions, and mutual savings banks that pay interest but can not be used directly as money. These accounts, also termed transactions deposits, let customers set aside a portion of their liquid assets that COULD be used to make purchases. But to make those purchases, savings account balances must be transferred to checkable deposits or currency. However, this transference is easy enough that savings accounts are often termed near money. Savings accounts, as such constitute a sizeable portion of the M2 monetary aggregate.
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Lesson 2: Economic Science | Unit 3: Verification
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Page: 9 of 20
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Topic:
Overview and Data
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An hypothesis is a possible, even probable, scientific relationship. An hypotheses is a candidate to become a principle. Hypothesis must be tested before becoming principles.- A possible hypothesis: The distance between a passing car and a jogger depends on the driver's political philosophy.
- Alternative hypotheses can also explain differences in distance between jogger and passing car.
An hypothesis that seems reasonable is not necessarily right. It must be verified with real world data.- The scientific method does not accept an explanation at face value. It needs to prove an explanation is correct.
- Scientists check to see if a reasonable explanation is consistent with the data. The scientific process is all about verifying hypotheses.
- To test our hypothesis, ask people about passing distance and political affiliation.
- While subjective data, based on asking people, can be useful, objective methods of data collection are usually preferred. Let's use lasers.
- Government is a fruitful source of objective data.
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ECONOMIC GROWTH, SOURCES Economic growth, the process of increasing the economy's ability to produce goods and services, can be achieved by increasing the quantity or quality of resources. The quantity option can include increases in the quantities of labor, capital, land, or entrepreneurship. The quality option primarily includes improvements in technology and human capital.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time lost in your local discount super center seeking to buy either a weathervane with a horse on top or a case of blank recordable DVDs. Be on the lookout for vindictive digital clocks with revenge on their minds.
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More money is spent on gardening than on any other hobby.
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"Advice is like snow ‚ the softer it falls, the longer it dwells upon and the deeper it sinks into the mind. " -- Samuel Taylor Coleridge, poet
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BIS
Bank for International Settlements
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