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September 10, 2026 

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VERIFICATION: The hypothesis-testing step of the scientific method. Once an hypothesis is derived from a theory, it must be compared with real world data. This is the verification step. This verification can lead to support or refutation of the hypothesis. Enough support enables a hypothesis to become a principle. Refutation calls into question the theory implying the hypothesis.

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MONEY CREATION: The process in which banks increase the amount of funds in checkable deposits by using reserves to make loans. Money creation is an important process in the economy because it means that the government does not have total control over the money supply.

     See also | money | fractional-reserve banking | excess reserves | reserves | government functions | money supply | deposit multiplier | money multiplier |


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MONEY CREATION, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2026. [Accessed: September 10, 2026].


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LABOR

The mental and physical human efforts used in the production of goods and services. This is one of four basic categories of resources, or factors of production. The other three are capital, land, and entrepreneurship.

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