Chapter 2

murphy94
Flashcards by murphy94, updated more than 1 year ago
murphy94
Created by murphy94 over 5 years ago
2
0

Description

Thinking Like an Economist

Resource summary

Question Answer
Production Possibilites Frontier a graph shows the combinations of output that the economy can possibly produce given the available factors of production and the available production technology
Microeconomics the study of how households and firms make decisions and how they interact in markets
Macroeconomics the study of economy-wide phenomena including inflation, unemployment, and economic growth
Positive Statements claims that attempt to describe the word as it is
Normative Statements claims that attempt to prescribe how the world should be
Show full summary Hide full summary

Similar

Using GoConqr to study Economics
Sarah Egan
Economics
Emily Fenton
Economics - unit 1
Amardeep Kumar
AN ECONOMIC OVERVIEW OF IRELAND AND THE WORLD 2015/16
John O'Driscoll
Using GoConqr to teach Economics
Sarah Egan
Functions of Money
hannahcollins030
Comparative advantage
jamesofili
GCSE - Introduction to Economics
James Dodd
PMP Formulas
Krunk!
Market & Technology Dynamics
Tris Stindt
Economic Growth
Maya Khangura