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RESOURCE PRICES: One of the five supply determinants assumed constant when a supply curve is constructed, and that shift the supply curve when they change. The other four are technology, other prices, sellers' expectations, and number of sellers. Resource prices, the prices paid to use the factors of production (labor, capital, land, and entrepreneurship) affect production cost and thus producers' ability to sell goods. In general, if sellers face higher resource prices, then they have less ABILITY to sell goods.
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                           PHENOMENON: An event or action that is subject to investigation, analysis, and explanation using the scientific method. Phenomena are the sorts of things that science seeks to explain. They can be common events, like the blowing wind, or unusual, like the extinction of the dinosaurs. While the term phenomenon might entice thoughts of UFOs, ghosts, and mutant three-headed turtles, it really applies to any type of event or action. These events can be extraordinary or mundane. They can be unusual or common place.The types of events falling under the heading of phenomena and subject to scientific study include the sun rising, the stock market falling, a person talking, a volcano erupting, a basketball bouncing, a star exploding, and a bird flying. Some of these events might not seem appropriately suited to be called phenomena because they are quite ordinary. The ExtraordinaryScience is definitely interested in explaining unusual and extraordinary events. If a glowing, three-dimensional, translucent image of Abraham Lincoln playing badminton with Issac Newton suddenly appears on the front lawn of the White House, then science would certainly seek an explanation. Scientists salivate profusely at the prospect of explaining the occurrence of exceptional events. Doing so pushes forth the frontiers of science. It reveals possible deficiencies in existing theories and avenues for improvement.The Great Depression of the 1930s, for example, revealed flaws in the existing classical economic explanation of the macroeconomy and induced economists to push forth the theoretical boundaries of economic science. The OrdinaryScience, however, seeks to explain ordinary and mundane events, as well. It is also interested in explaining the glow of fireflies, the flight of a badminton shuttlecock, and the growth of grass on the front lawn of the White House. Explaining common events means that a theory works, that it has captured the essential laws of nature.The same theory that might explain the catastrophic downturn of the Great Depression also needs to explain an increase in the unemployment rate from 5.1 percent to 5.2 percent. If it fails to explain the ordinary, then a theory has no chance of explaining the extraordinary.
Recommended Citation:PHENOMENON, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2026. [Accessed: September 11, 2026].
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Today, you are likely to spend a great deal of time touring the new suburban shopping complex hoping to buy either a coffee cup commemorating last Friday (you know why) or a wall poster commemorating the first day of spring. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
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"Life is a promise; fulfill it. " -- Mother Teresa, humanitarian
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P/E
Price-Earnings Ratio
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