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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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ALLOCATIVE EFFICIENCY Obtaining the most consumer satisfaction from available resources. In other words, resources are allocated in such a way that consumer satisfaction is at its highest possible level. This is also termed either efficiency or economic efficiency.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
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"Only great minds can afford a simple style." -- Stendhal, writer
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WAPM
Weak Axiom of Profit Maximization
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