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ZONING: Legal restrictions on where different activities can locate within a city. Most cities regulate the location of industrial, commercial, and residential activities. The underlying motivation behind zoning is to keep less desirable, but perhaps more profitable, activities from encroaching upon residential areas.
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Lesson 2: Economic Science | Unit 3: Verification
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Page: 10 of 20
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Ceteris Paribus Assumption: In order to test an hypothesis we need to keep constant other factors that may affect it. Other things are called ceteris paribus factors. The last step in the process is to evaluate the hypothesis. We have two possibilities-data and hypothesis agree-- data and hypothesis don't agree. The data and hypothesis agree. - Because we can not prove an absolute, this possibility gives us support for the hypothesis, but not absolute proof that it is correct.
- To get a proof, we need to test the hypothesis many times under several different conditions. But even then, we can not be 100%, absolutely certain.
- With growing certainty of the validity of the hypothesis, it becomes a principle and is added to the theory for an expanded theory.
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DIAMOND-WATER PARADOX The apparently conflicting and perplexing observation that water, which is more useful than diamonds, has a lower price than diamonds. This paradox was proposed by economists in the 1800s as a means understanding the role utility plays in the demand price of a good by differentiating between total utility and marginal utility.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale hoping to buy either an AC adapter that won't fry your computer or a case for your designer sunglasses. Be on the lookout for pencil sharpeners with an attitude.
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This isn't me! What am I?
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Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
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"It takes generosity to discover the whole through others. If you realize you are only a violin, you can open yourself up to the world by playing your role in the concert. " -- Jacques Yves Cousteau, marine explorer
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UTP
Unfair Trade Practice
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