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INFLEXIBLE WAGES: The proposition that some wages adjust slowly in response to labor market shortages or surpluses. This condition is most important for macroeconomic activity in the short run and short-run aggregate market analysis. In particular, inflexible (also termed rigid or sticky) wages are a key reason underlying the positive slope of the short-run aggregate supply curve.
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Lesson 2: Economic Science | Unit 4: Science and Practice
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Page: 13 of 20
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An example of how the scientific method works:- You suspect that a relationship exists between course grades and where students are seated in the class.
- Specifically, you think that students who sit closer to the front of the class receive higher the grades.
Three forms of our hypothesis:
General:- Students seated closer to the front receive higher grades.
A More Specific Form:- If students sit on the front row, then they receive As-- if they sit on the second row, then they receive Bs-- etc.
Using An Equation:- G = a + bD, where b is negative, meaning students seated closer (small D) receive higher grades (large G).
- Key is that we can compare hypothesis with data.
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CHECKABLE DEPOSITS Checking account deposits maintained by traditional commercial banks and depository thrift institutions (savings and loan associations, credit unions, and mutual savings banks) that are generally accepted in payment in exchange for goods and services. These accounts, also termed transactions deposits, make it possible for customers transfer funds easily and quickly to another, which makes them ideally suited for use as money. Checkable deposits are approximately one-half of the official M1 monetary aggregate tracked by the Federal Reserve System. The other half is currency (paper bills and metal coins).
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GREEN LOGIGUIN
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Today, you are likely to spend a great deal of time at an auction wanting to buy either a coffee cup commemorating the 1960 Presidential election or a how-to book on fixing your computer, with illustrations. Be on the lookout for telephone calls from former employers.
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A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
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"Plans are only good intentions unless they immediately degenerate into hard work." -- Peter Drucker, management consultant
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SIC
Standard Industrial Classification
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