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 ORGANIZATION OF AMERICAN STATES: In 1948, 21 nations of the hemisphere met in Bogota, Colombia, to adopt the Charter of the Organization of American States (OAS). Since then, the OAS has expanded to include the nations of the Caribbean, as well as Canada. Currently, all 35 independent countries of the Americas have ratified the OAS Charter and belong to the Organization. Cuba remains a member, but its government has been excluded from participation in the OAS since 1962. The OAS is the region's premier political forum for multilateral dialogue and action. Among OAS' major goals they work for strengthening freedom of speech and thought as a basic human right, promoting greater participation by civil society in decision-making at all levels of government, improving cooperation to address the problem of illegal drugs and supporting the process to create a Free Trade Area of the Americas.
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 Lesson 2: Economic Science | Unit 5: Cause and Effect Page: 17 of 20

 Topic: Purpose <=PAGE BACK | PAGE NEXT=>

The purpose of science is to identify the fundamental, basic laws of nature that guide our every moves.
• The purpose of the scientific method is to explain the world by identifying cause and effect.
• For every action there is a consequence. And for every consequence there is a cause.
The first step is to identify cause and effect links is correlation:

• Correlation. If event A causes event B, then event A is correlated with event B. But, correlation does not mean causation. Two events can be correlated, without one causing the other. Note the fallacy of false cause.
• Time Proximity. Event A and event B must happen at about the same time.
• Time Sequence. Event A must precede event B. If event B occurs first, then it can't be caused by event A.

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AVERAGE FACTOR COST, MONOPSONY

Total factor cost per unit of factor input employed by a monopsony in the production of output, found by dividing total factor cost by the quantity of factor input. Average factor cost, abbreviated AFC, is generally equal to the factor price. However, using the longer term average factor cost makes it easier to see the connection to related terms, including total factor cost and marginal factor cost.

 BROWN PRAGMATOX[What's This?] Today, you are likely to spend a great deal of time strolling through a department store looking to buy either a brown leather attache case or car battery jumper cables. Be on the lookout for cardboard boxes.Your Complete Scope
 The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
 "People of mediocre ability sometimes achieve outstanding success because they don't know when to quit. Most men succeed because they are determined to. "-- George Allen, U.S. senator
 LRASLong Run Aggregate Supply
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