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The definition of economics states that it is the study of how______ ?
agents choose to allocate scarce resources and the impact of those choices on society.
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The statement that the United States has a lower unemployment rate than Spain is a ___ since it describes what people ___ ]
positive statement, actually do
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The statement that the United States should legalize same – sex marriage is a ____ since it describes what people ____
normative statement , ought to do
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The ethical implications of a hotly debated government policy would best be considered a ____ since it deals with a subjective issue ____
normative question, based on personal preferences
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Microeconomics studies ___ ; while Macroeconomics studies the ____
a small piece of the overall economy, economy as a whole.
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Policy decisions made by the government are analyzed by
both microeconomics and macroeconomics.
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A policy such as taxes on cigarettes would be studies under _____ since it deals with ____
microeconomics, a small part if the overall economy
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The three principles of economics include
optimization, equilibrium, and empiricism
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people weigh costs and benefits when making a decision
Optimization
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no one would benefit from changing his or her behavior
Equilibrium
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Empiricism
economists use data to analyze what is happening in the world
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Economics differs from these other social sciences because it also addresses these three key concepts:
Optimization, equilibrium, and empiricism
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