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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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Lesson 20: Federal Reserve System | Unit 1: The Fed Page: 2 of 20

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The Federal Reserve System helps banks through a combination of regulation and emergency reserves.

First: It is central bank, a government established and/or sanctioned bank with assorted financial tasks, that regulates the banking system and controls the money supply. It is a decentralized central system with several banks spread around the country.

Second: It was established in 1913, in response to the Bank Panic of 1907, to prevent failed banks from shrinking the money supply and causing business cycle contractions.

Third: While it's original purpose was to provide banks with reserves, it more recently uses the money supply to conduct monetary policy and stabilize the business cycle.


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TOTAL REVENUE, MONOPOLISTIC COMPETITION

The revenue received by a monopolistically competitive firm for the sale of its output. Total revenue is one two bits of information a monopolistically competitive firm needs to calculate economic profit, the other is total cost. In general, total revenue is the price times quantity--the price received for selling a good times the quantity of the good sold at that price. For a monopolistically competitive firm, which has a modest degree of market control, total revenue increases at a decreasing rate. Two other revenue measures directly related to total cost are average revenue and marginal revenue. Total revenue is often depicted as a total revenue curve.

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Today, you are likely to spend a great deal of time lost in your local discount super center hoping to buy either a box of multi-colored, plastic paper clips or several orange mixing bowls. Be on the lookout for malfunctioning pocket calculators.
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Paper money used by the Commonwealth of Massachusetts prior to the U.S. Revolutionary War, which was issued against the dictates of Britain, was designed by patriot and silversmith, Paul Revere.
"The roots of education are bitter, but the fruit is sweet."

-- Aristotle, philosopher

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