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POSITIVE ECONOMICS: The branch of economics that tries to explain the way the economy actually operates. It is the application of the scientific method and the process of testing hypothesis. A positive statement can be refuted by looking at the real world, that is testing hypotheses. Positive economics is the consequence of applying the scientific method to economic phenomena. This term should be compared and contrasted with normative economics, which says the way the world should be.
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MARGINAL RETURNS The change in the quantity of total product resulting from a unit change in a variable input, holding all other inputs fixed. Marginal returns is an older and more generic term for marginal product. While marginal product has largely replaced marginal returns in most discussions of short-run production, the phrase does persist in a few terms like the law of diminishing marginal returns.
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Fact 2: Our Subjective ValuesUpon leaving Scarcity Stan's Bakery Shoppe and Confectionery Palace our pedestrian's excursion drops into Mega-Mart Discount Warehouse Super Center. A quick tour of this mecca of mass production -- lasting no more than three days -- is likely to reveal within the 20 gadzillion square feet of floor space a number of sales racks, shelves, and tables filled with merchandise marked down for clearance. A prominently displayed sign on one sales rack boldly declares that the regular $24.99 price has been drastically reduced, for this week only, to $3.98. What a bargain! What a sale! We have the chance -- "for a limited time only" -- to get stuff valued at $24.99 for only $3.98! With a bargain like this, how can we lose? It's easy to lose, if you don't understand the concept of value. Most of us have several "bargains" stored away in the attic, closet, or garage that never have seen, and probably never will see, anything resembling use. What seemed like a great "bargain" at the store, does nothing but occupy space at home. (By the way, does anyone have use for a distributor cap for a 1949 Ford?)
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time searching for rummage sales seeking to buy either a looseleaf notebook binder or hand lotion, a big bottle of hand lotion. Be on the lookout for crowded shopping malls.
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This isn't me! What am I?
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A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
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"Confidence . . . thrives on honesty, on honor, on the sacredness of obligations, on faithful protection and on unselfish performance. Without them it cannot live." -- President Franklin Delano Roosevelt
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CME
Chicago Mercantile Exchange
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