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THEORY: A scientifically verified, interrelated body of general principles, axioms, and assumptions that is used to explain and understand real world phenomena. Theories are the cornerstone of the scientific method. They generate the hypotheses that are verified against real world data, which is the day-to-day process of doing science. The construction and refinement of theories, accomplished through the hypothesis verification process, is also the basic goal of doing science.

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BUREAU OF ECONOMIC ANALYSIS: An agency of the U.S. Federal government, specifically a branch of the U.S. Department of Commerce, that compiles and reports a wide range of economic data and measurements. At the top of their list of important economic numbers maintained by what is abbreviated the BEA, is the National Income and Product Accounts, which includes gross domestic product and the broad assortment of related measures of income and production. Economists rely heavily on the BEA to provide data needed to evaluate and analyze the macroeconomy.

     See also | National Income and Product Accounts | gross domestic product | national income |


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BUREAU OF ECONOMIC ANALYSIS, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2023. [Accessed: May 30, 2023].


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BILATERAL MONOPOLY, FACTOR MARKET ANALYSIS

The analysis of a factor market characterized by monopsony dominating the buying side and monopoly dominating the selling side indicates that the factor price and quantity exchanged depends on the negotiating power of each side. Ironically, the factor price is likely to be closer to the efficient price achieved with perfect competition than that achieved individually by either monopsony or monopoly.

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