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Econ Ch. 2 Notes Essay

661 words - 3 pages

Chapter 2

Circular-Flow Diagram- a visual model of the economy that shows how dollars flow through markets among households and firms
Production Possibilities Frontier- a graph that shows the combinations of output that the economy can possible 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 world as it is
Normative Statements- claims that attempt to prescribe how the world should ...view middle of the document...

33, list of things on which economists agree)
economists may push for something the general public sees as...

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