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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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TOTAL FACTOR COST CURVE, MONOPSONY A curve that graphically represents the relation between total factor cost incurred by a monopsony when using a given factor of production to produce a good or service. The total factor cost curve is most important in factor market analysis for the derivation of the marginal factor cost curve.
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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 a how-to book on home remodeling or a tall storage cabinet with five shelves and a secure lock. Be on the lookout for slow moving vehicles with darkened windows.
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Three-forths of the gold mined each year is used to manufacture jewelry.
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"Luck is what happens when preparation meets opportunity. " -- Seneca, Roman philosopher
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UTP
Unfair Trade Practice
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