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AD-AS ANALYSIS: An economic model relating the price level and real production that is used to analyze business cycles, gross domestic product, unemployment, inflation, stabilization policies, and related macroeconomic phenomena. The AS-AD model, inspired by the standard market model, captures the interaction between aggregate demand (the buyers) and short-run and long-run aggregate supply (the sellers).
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Lesson 2: Economic Science | Unit 1: The Method
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Page: 4 of 20
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- The basics of the scientific method used to identify and explain the world.
- An overview of the four components of the scientific method--theory, principles, hypotheses, and data.
- How hypotheses are derived from a theory and how they are tested against real world data.
- How the hypothesis verification process is used to identify scientific principles that enable a new, improved theory.
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BALANCE OF TRADE The difference between the value of goods and services exported out of a country and the value of goods and services imported into the country. The balance of trade is the official term for net exports that makes up the balance of payments. The balance of trade can be a "favorable" surplus (exports exceed imports) or an "unfavorable" deficit (imports exceed exports). The official balance of trade is separated into the balance of merchandise trade for tangible goods and the balance of services.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time at an auction seeking to buy either storage boxes for your income tax returns or an AC adapter for your CD player. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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This isn't me! What am I?
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
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"Plans are only good intentions unless they immediately degenerate into hard work." -- Peter Drucker, management consultant
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SCF
Survey of Consumer Finances
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