Understanding Key Concepts

Scientific Method

The scientific method is a systematic process that involves observing, hypothesizing, experimenting, and concluding to explore the natural world. It is characterized by the following steps:

• Observation: Gathering facts and data about phenomena.
• Question: Formulating questions based on observations.
• Hypothesis: Creating a testable prediction.
• Experimentation: Conducting experiments to test the hypothesis.
• Analysis: Interpreting the results to draw conclusions.
• Report: Sharing findings with the scientific community.

The scientific method is crucial in development across disciplines, including physics, biology, and chemistry, driving advancements and discoveries.

Existentialism

Existentialism is a philosophical movement that emphasizes individual existence, freedom, and choice. Central themes include:

• Existence precedes essence: Individuals create their own values and meanings in life.
• Freedom and responsibility: With freedom comes the responsibility for choices and actions.
• Absurdism: The conflict between human tendencies to seek inherent value and meaning in life and the inability to find any.
• Authenticity: The pursuit of living in accordance with one's true self, rather than conforming to societal expectations.

Notable existentialist thinkers include Jean-Paul Sartre, Simone de Beauvoir, and Albert Camus, who explored these themes in literature and philosophy.

Supply and Demand

Supply and demand are fundamental economic concepts that describe how markets function. Here’s a brief overview of each:

• Demand: The quantity of a product or service that consumers are willing and able to purchase at various prices.
• Supply: The quantity of a product or service that producers are willing and able to sell at various prices.

The interaction between supply and demand determines market prices. When demand increases and supply remains unchanged, prices rise. Conversely, if supply increases while demand stays the same, prices tend to fall.

Understanding these concepts helps to analyze market trends, set policies, and forecast economic outcomes.