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| 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 |
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