Flashcards in Week 1- Thinking like an economist problem set Deck (12):
Production Possibility Frontier-
Based on the principle of people facing trade offs.
Factor of Productions aka?
Combination of output that an economy can produce given factors of production and available production technology.
Office of Management and Budget helps-
Formulate spending plans and regulatory policies.
when economists trying to help improve the world.
Congressional Budget Office-
Economists responsible for advising Congress on economic matter.
Composed of diagrams and equations.
Department of Treasury-
Provides tax policy to the President.
In Circular Flow diagram of Good and services: household are and firm are-
Households are buyers, firms are sellers.
When 2 variables have negative correlation-
they moves in opposite direction.
Point where X and Y are zero is known as-