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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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EXCHANGE The process of trading one valuable commodity (good, service, or resource) for another. An exchange can be voluntary, such as what transpires through a market, or involuntary, such as when taxes are imposed by government.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex seeking to buy either car battery jumper cables or a dozen high trajectory optic orange golf balls. Be on the lookout for slightly overweight pizza delivery guys.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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"So many of our dreams at first seem impossible, then they seem improbable, and then when we summon the will, they soon become inevitable." -- Christopher Reeve, Actor
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CDF
Cumulative Distribution Function
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