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AGGREGATE SUPPLY DETERMINANTS: An assortment of ceteris paribus factors that affect both short-run aggregate supply and long-run aggregate supply, but which are assumed constant when the short-run and long-run aggregate supply curves are constructed. Changes in any of the aggregate supply determinants cause the short-run and long-run aggregate supply curves to shift. While a wide variety of specific ceteris paribus factors can cause the aggregate supply curves to shift, it's usually most convenient to group them into three broad categories -- resource quantity, resource quality, and resource prices.
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Lesson 2: Economic Science | Unit 2: Theory
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Page: 8 of 20
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- That the best scientific theory is one that offers a universal explanation of the real world.
- How scientific theories are comprised of verified principles and unverified axioms or beliefs that constitute a world view.
- That the world view of many theories is also intertwined with a political philosophy.
- The inherent need for abstraction in the development of scientific theories.
- Three common forms of abstraction--words, graphs, and equations.
- An introduction of three economic theories--markets, aggregate markets, and Keynesian economics.
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ASSUMPTION An initial condition or statement of a model or theory that sets the stage for an analysis by abstracting from the real world. Assumptions are important to economic analysis. Some assumptions are used to simplify a complex analysis into more easily manageable parts. Other assumptions are used as control conditions that are subsequently changed to evaluate the consequences.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time watching the shopping channel seeking to buy either a decorative windchime with plastic or a flower arrangement for that special day for your mother. Be on the lookout for rusty deck screws.
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This isn't me! What am I?
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More money is spent on gardening than on any other hobby.
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"To sit back and let fate play its hand out, and never influence it, is not the way man was meant to operate." -- John Glenn, astronaut, U.S. senator
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MRS
Marginal Rate of Substitution
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