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Chapter 2 Flashcards

(6 cards)

1
Q

Circular Flow Diagram

A

a visual model of the economy that shows how dollars flow through markets among households and firms

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2
Q

Production possibilities frontier

A

a graph that shows the combinations of output that the economy can possibly produce given the available factors of production and the available production technology

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3
Q

Microeconomics

A

the study of how households and firms make decisions and how they interact in markets

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4
Q

Macroeconomics

A

the study of economy-wide phenomena, including inflation, unemployment, and economic growth

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5
Q

Positive statements

A

claims that attempt to describe the world as it is

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6
Q

Normative statements

A

claims that attempt to prescribe how the world should be

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