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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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INVOLUNTARY EXCHANGE The process of unwillingly trading one valuable commodity (good, service, or resource) for another, usually prompted by the coercive powers of government. The key term is "unwillingly," which distinguishes involuntary exchanges from voluntary exchanges, such as those that are the foundation of market transactions.
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The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
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"Look at the abundance all around you as you go about your daily business. You have as much right to this abundance as any other living creature. It's yours for the asking." -- Earl Nightingale
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ACT
Advance Corporation Tax
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