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VERIFICATION: The hypothesis-testing step of the scientific method. Once an hypothesis is derived from a theory, it must be compared with real world data. This is the verification step. This verification can lead to support or refutation of the hypothesis. Enough support enables a hypothesis to become a principle. Refutation calls into question the theory implying the hypothesis.
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Lesson 8: Market Shocks | Unit 4: Double Shifts
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Page: 14 of 20
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Topic:
More Demand and Less Supply
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Here we have demand increasing (higher income) and supply decreasing (number of sellers declines).- An increase in demand causes an increase in both price and quantity.
- A decrease supply causes price to increase and quantity to decrease.
- The combined effect is an obvious increase in price but a questionable change in quantity.
- At the new equilibrium the quantity is indeterminant.
- If demand shifts relatively more than supply, quantity is greater.
- If demand shifts relatively less than supply, quantity is less.
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FALLACY OF FALSE AUTHORITY The logical fallacy of arguing that something is "correct" or "true" because an "expert" in an unrelated area says so. This is commonly used by both advertisers, politicians, and anyone who relies an "apparent expert" for the "correct" answers to controversial issues.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time driving to a factory outlet looking to buy either storage boxes for your summer clothes or 500 feet of coaxial cable. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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This isn't me! What am I?
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Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
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"The more you praise and celebrate your life, the more there is in life to celebrate." -- Oprah Winfrey
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FCF
Free Cash Flow
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