Week 1- Thinking like an economist problem set Flashcards Preview

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Flashcards in Week 1- Thinking like an economist problem set Deck (12):
1

Production Possibility Frontier-

Based on the principle of people facing trade offs.

2

Factor of Productions aka?

Input.

3

PPF shows-

Combination of output that an economy can produce given factors of production and available production technology.

4

Office of Management and Budget helps-

Formulate spending plans and regulatory policies.

5

Policy advisers-

when economists trying to help improve the world.

6

Congressional Budget Office-

Economists responsible for advising Congress on economic matter.

7

Economic model-

Composed of diagrams and equations.

8

Department of Treasury-

Provides tax policy to the President.

9

In Circular Flow diagram of Good and services: household are and firm are-

Households are buyers, firms are sellers.

10

When 2 variables have negative correlation-

they moves in opposite direction.

11

Point where X and Y are zero is known as-

Origin.

12

Economists at Department of Justice helps-

Enforce nation's antitrust laws.