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INEFFICIENCY: When the economy is NOT obtaining the highest level of consumer satisfaction from the available resources. Inefficiency occurs if it is possible to reallocate resources in a way that would generate greater satisfaction.
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POSITIVE ECONOMICS The branch of economics that seeks to explain the way the economy actually operates. It is the application of the scientific method and the process of testing hypothesis to economic phenomena. A positive economic statement is one that can be refuted by looking at the real world--that is, by testing a hypothesis.
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John Maynard Keynes was born the same year Karl Marx died.
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"Do not wait; the time will never be just right " -- Napoleon Hill, author
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NCUA
National Credit Union Administration
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