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LAW: Generally accepted, verified, fundamental principle of nature. Laws have been tested and verified through the scientific method. As a house is constructed from concrete, lumber, and nails, a theory is constructed from laws. To be a fundamental law of nature, a principle must capture a cause-and-effect relationship about the workings of the world.
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Lesson 2: Economic Science | Unit 2: Theory
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Page: 5 of 20
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Here are three notable aspects of scientific theories:- Universal: Theories are best if they apply to a wide variety of events. The scientific method is the process of identifying general principles that eliminate exceptions.
- World View: Theories typically build upon a world view as part of their general body of principles.
- Verified Principles. These are confirmed through the process of hypotheses testing.
- Unverifiable Axioms. These are beliefs that are not directly testable against real world data. These are accepted on faith.
- Political: The world view reflected in an economic theory is usually associated with a political philosophy.
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MANAGERIAL BEHAVIOR A preference for maintaining the status quo over changing it based on relatively greater satisfaction generated by redundant information over novel information. Managerial behavior is well suited for keeping an existing business and complex organizations running smoothly and efficiently. This behavior is inclined to manage, to administer, and to apply existing rules and procedures. An alternative is entrepreneurial behavior, which is a preference for changing the status quo over maintaining it.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store seeking to buy either a case of blank recordable DVDs or a pair of red goulashes with shiny buckles. Be on the lookout for slow moving vehicles with darkened windows.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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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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JHR
Journal of Human Resources
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