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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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INVISIBLE HAND The notion that buyers and sellers, consumers and producers, households and businesses, by pursuing their own self-interests do what is best for the economy automatically without any government intervention, as if guided by an invisible hand.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time at a crowded estate auction trying to buy either a genuine down-filled comforter or a 200-foot blue garden hose. Be on the lookout for celebrities who speak directly to you through your television.
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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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"A people that values its privileges above its principles soon loses both. " -- Dwight Eisenhower, 34th US president
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NI
National Income, Net Income
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