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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 12: Elasticity and Demand | Unit 3: Measurement Page: 12 of 25

Topic: The Demand Curve <=PAGE BACK | PAGE NEXT=>

  • Elasticity is NOT constant along the demand curve.

  • In particular, the demand curve can be divided into the five elasticity alternatives:

    • Perfectly elastic: At the point of intersection between the demand curve and the vertical price axis, demand is perfectly elastic.

    • Relatively elastic: Over the "upper" half of the demand curve between midpoint and the vertical price axis, demand is relatively elastic.

    • Unit elastic: At the exact midpoint that divides the demand curve into two equal segments, demand is unit elastic.

    • Relatively elastic: Over the "lower" half of the demand curve between midpoint and the horizontal quantity axis, demand is relatively inelastic.

    • Perfectly inelastic: At the point of intersection between the demand curve and the horizontal quantity axis, demand is perfectly inelastic.

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CURRENCY

Pieces of paper and metal coins that circulate around the economy as the medium of exchange. Currency is usually (not always, but usually) authorized and used by the national government. U.S. currency is denominated in dollars and issued the Federal Reserve System (paper currency) and the U.S. Department of the Treasury (metal coins). Currency is approximately one-half of the official M1 monetary aggregate tracked by the Federal Reserve System. The other half is checkable deposits maintained by banks.

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Today, you are likely to spend a great deal of time wandering around the downtown area trying to buy either a replacement remote control for your television or a replacement nozzle for your shower. Be on the lookout for telephone calls from former employers.
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
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