Examlex
In a chi-square calculation involving 3 independent terms (that is, with df = 3),
there is a 5% probability that the result will be greater than 7.815.
Normative Economics
An area of economics that analyzes outcomes based on value judgments about what is desirable or what ought to be, rather than what merely is.
Supply and Demand
Fundamental economic concepts that describe how the availability of products (supply) and the desire for them (demand) determine prices.
Scarce
Describes resources or goods that are limited in availability and cannot satisfy all the wants and needs of consumers.
Positive Economics
A branch of economics focused on the description and explanation of economic phenomena, as opposed to normative economics which prescribes policies.
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