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SCAB: Someone who starts working or continues to work for a firm while a labor union is engaged in a strike of the firm. Scab is common term used by union members for the more polite name strikebreaker. Striking union members are more inclined to use even more derogatory terms. Such workers are used by employers to force union members to stop their strike and return to work. While strikers don't like it, labor laws guarantee that nonstriking workers can cross the picket line and go to work.

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Lesson 2: Economic Science | Unit 4: Science and Practice 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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GOOD TYPES

The economy produces four distinct types of goods based on two key characteristics -- consumption rivalry and nonpayer excludability. Consumption rivalry arises if consumption of a good by one person prevents another from also consuming. Nonpayer excludability means potential consumers who do not pay for a good can be excluded from consuming. Private goods are rival in consumption and easily subject to the exclusion of nonpayers. Public goods are nonrival in consumption and the exclusion of nonpayers is virtually impossible. Near-public goods are nonrival in consumption and easily subject to exclusion. Common-property goods are rival in consumption and not easily subject to exclusion. Private goods can be efficiently exchanged through markets. Public, near-public and common-property goods cannot, but require some degree of government involvement for efficiency.

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Today, you are likely to spend a great deal of time at an auction seeking to buy either a computer that can play video games and burn DVDs or a black duffle bag with velcro closures. Be on the lookout for jovial bank tellers.
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The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
"Use, do not abuse; neither abstinence nor excess ever renders man happy."

-- Voltaire, philosopher

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