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5 Cards in this Set
- Front
- Back
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Def. of macro
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study of economy-wide phenomena, including inflation, unemployment, and economic growth
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Def. of micro
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study of how households and firms make decisions and interact in the market
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positive vs normative statements
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Positive: describing how the world is
Normative: describing how the world should be |
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4 inputs of PPF
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capital, human capital, entrepreneurial ability, labor
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Efficient:
Inefficent: Unatainable: |
economy is getting all it can from scarce resources (on curve)
not all laborers are working (inside curve) unreachable (outside curve) |
