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COMPANY: An organization, usually consisting of more than one person, that combines resources for the production and supply of goods and services. The term company is generally used synonymously with other terms such as business, firm, and enterprise. If a distinction exists, company is used in reference to a group of people engaged in production (as opposed to a single person).

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Lesson 2: Economic Science | Unit 2: Theory 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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BARTER

A method of trading goods, commodities, or services, directly for one another without the use of money. Barter was the first type of market exchanged undertaken by human civilization as people advanced beyond self sufficiency in the satisfaction of their wants and needs. Modern economies still use a modest amount of barter to allocate resources. The key to a barter exchange is a double coincidence of wants, in which each side of the exchange wants what the other side has and has want the other side wants. A barter exchange tends to be less efficient that exchanges involving money.

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APLS

BROWN PRAGMATOX
[What's This?]

Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway wanting to buy either galvanized steel storage shelves or a large green chalkboard shaped like the state of Maine. Be on the lookout for door-to-door salesmen.
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This isn't me! What am I?

Parker Brothers, the folks who produce the Monopoly board game, prints more Monopoly money each year than real currency printed by the U.S. government.
"It is not fair to ask of others what you are unwilling to do yourself. "

-- Eleanor Roosevelt, diplomat, activist

BPEA
Brookings Papers on Economic Activity
A PEDestrian's Guide
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