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In the fall of 1776,the British hired 8,000 Hessian mercenaries and
Low-Income
Referring to individuals or families that earn significantly less than the average income level, often qualifying for various forms of government assistance.
Positive Economics
Real-world economics that focuses on describing, analyzing, and explaining economic phenomena as it actually is, not as it should be.
Ceteris Paribus
A Latin phrase meaning "all other things being equal," used in economics to isolate the effect of one economic variable from the influence of others.
Normative Economics
A branch of economics that deals with value judgments about what the economy should be like, focusing on what ought to be rather than what is.
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