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NORMATIVE ECONOMICS: The branch of economics that states the way the economy should operate. A normative statement is based on values and can be proved neither right or wrong. While positive economics seeks to explain the way it is, normative economics, the policy side of economics, seeks to prescribe the way it should be. Normative economics is used to recommend ways to change the world, to improve it, and to make it a better place for both man and beast.
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SHORT-RUN AGGREGATE SUPPLY AND MARKET SUPPLY The short-run aggregate supply curve, or SRAS curve, has similarities to, but differences from, the standard market supply curve. Both are positively sloped. Both relate price and quantity. However, the market supply curve is positively sloped due to the law of diminishing marginal returns and the short-run aggregate supply curve is positively-sloped due to inflexible prices, the pool of natural unemployment, and imbalances in real resource prices.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time searching the newspaper want ads trying to buy either storage boxes for your winter clothes or several magazines on time travel. Be on the lookout for poorly written technical manuals.
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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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"My life as a writer consists of 1/8 talent and 7/8 discipline. " -- John Irving, writer
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SOFFEX
Swiss Options and Financial Futures Exchange
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