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SHORT RUN, MACROECONOMICS: In terms of the macroeconomic analysis of the aggregate market, a period of time in which some prices, especially wages, are rigid, inflexible, or otherwise in the process of adjusting. This is one of two macroeconomic time designations; the other is the long run (you might want to see short-run production, too). Short-run wage and price rigidity prevents some markets, especially resources markets and most notably labor markets, from achieving equilibrium. Wage and price rigidity and the resulting resource market imbalances are the source of the positively-sloped short-run aggregate supply curve.
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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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HORIZONTAL MERGER The consolidation of two or more separately-owned businesses, operating in the same industry and producing competing products, into a single firm. This is one of three types of mergers. The other two are vertical merger--two firms in different stages of the production of one good--and conglomerate merger--two firms in separate, unrelated industries.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time at a flea market wanting to buy either a weathervane with a cow on top or a box of multi-colored, plastic paper clips. Be on the lookout for telephone calls from long-lost relatives.
Your Complete Scope
This isn't me! What am I?
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A half gallon milk jug holds about $50 in pennies.
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"A winner is someone who recognizes his God-given talents, works his tail off to develop them into skills, and uses those skills to accomplish his goals. " -- Larry Bird, basketball player
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UTP
Unfair Trade Practice
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