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ch 2
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Create
two roles of economists
scientist - try to explain the world
policy advisors
production possibilities frontier
a graph that shows the combo of output that the economy can possibly produce given the available factors of productions
opportunity cost
cost of one good measured in terms of another
the ppf shows concept of
scarcity and economic growth
opp cost
macroeconomics
economy wide phenom
unemployment
inflation
microeconomics
study of how households and firms make decisions
positive statements
describe the world as it is
can be confirmed or refuted
normative statements
prescribe how world should be
cant be confirmed or refuted
Author
jillmray
ID
67966
Card Set
ch 2
Description
thinking like an economist
Updated
2011-02-21T23:52:49Z
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