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SCARCE: The general condition indicating that a good or resource is limited relative to the what people want. In terms of ALL resources and goods throughout society, the related term scarcity is used. Being scarce is what makes it possible to exchange goods and resources through markets, and most importantly, charge a price. If a good is not scarce, which means that the economy has more than enough to satisfy all available uses, then there is no way to sell it. Who would buy such an item, pay a price for it, give up something of value in exchange for it, when it is so abundant? Likewise, if a item is so abundant, using it to satisfy one use does not impose an opportunity cost on other uses.
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SCIENTIFIC METHOD A structured way of investigating and explaining the operation of the world by testing and verifying hypothesized relations. The scientific method is a process of discovery, a method of explaining the way the world operates. Positive economics is the application of the scientific method to economic analysis.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time wandering around the downtown area seeking to buy either an AC adapter for your CD player or storage boxes for your family photos. Be on the lookout for malfunctioning pocket calculators.
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In the early 1900s around 300 automobile companies operated in the United States.
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"Few things can help an individual more than to place responsibility on him, and to let him know that you trust him. " -- Booker T. Washington, educator
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NIPA
National Income and Product Accounts
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