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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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LONG-RUN AGGREGATE SUPPLY CURVE A graphical representation of the long-run relation between real production and the price level, holding all ceteris paribus aggregate supply determinants constant. The long-run aggregate supply curve, abbreviated LRAS, is one of two curves that graphically capture the supply-side of the aggregate market. The other is the short-run aggregate supply curve. The demand-side of the aggregate market is occupied by the aggregate demand curve. The vertical long-run aggregate supply curve captures the independent relation between real production and the price level that exists in the long run.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites wanting to buy either a cross-cut paper shredder or a birthday greeting card for your father. Be on the lookout for malfunctioning pocket calculators.
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The penny is the only coin minted by the U.S. government in which the "face" on the head looks to the right. All others face left.
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"In a restless, creative business with an emphasis on experiment and development, ideas are the lifeblood." -- Richard Branson, Virgin Group founder
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AMB
Adjusted Monetary Base
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