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WAGE: A factor payment to the owner of labor for using labor services in the production of goods and services. Wages are included in the National Income and Product Accounts maintained by the Bureau of Economic Analysis under the official title compensation of employees. Wages is the largest of the four factor payments, accounting for about 70% of the income earned by the household sector. The other factors of production (and their corresponding resource) are: interest (capital), rent (land), and profit (entrepreneurship).
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Lesson 2: Economic Science | Unit 3: Verification
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Page: 9 of 20
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Topic:
Overview and Data
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An hypothesis is a possible, even probable, scientific relationship. An hypotheses is a candidate to become a principle. Hypothesis must be tested before becoming principles.- A possible hypothesis: The distance between a passing car and a jogger depends on the driver's political philosophy.
- Alternative hypotheses can also explain differences in distance between jogger and passing car.
An hypothesis that seems reasonable is not necessarily right. It must be verified with real world data.- The scientific method does not accept an explanation at face value. It needs to prove an explanation is correct.
- Scientists check to see if a reasonable explanation is consistent with the data. The scientific process is all about verifying hypotheses.
- To test our hypothesis, ask people about passing distance and political affiliation.
- While subjective data, based on asking people, can be useful, objective methods of data collection are usually preferred. Let's use lasers.
- Government is a fruitful source of objective data.
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ALLOCATIVE EFFICIENCY Obtaining the most consumer satisfaction from available resources. In other words, resources are allocated in such a way that consumer satisfaction is at its highest possible level. This is also termed either efficiency or economic efficiency.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time watching the shopping channel looking to buy either a computer that can play video games and burn DVDs or a black duffle bag with velcro closures. Be on the lookout for gnomes hiding in cypress trees.
Your Complete Scope
This isn't me! What am I?
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Al Capone's business card said he was a used furniture dealer.
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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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JPUBE
Journal of Public Economics
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