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6 Cards in this Set

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  • Back
circular-flow diagram
a visual model of the economy that shows how dollars flow through markets among households and firms
production possibilites frontier
a graph that shows the comninations of output that the economy can possibly produce given the available factors of production and the available prodcution technology
microeconomics
the study of how housefolds and firms make decisions and how they interact in markets
macroeconomics
the study of economy-wide phenomena, includintg inflation, unemployment, and economic growth
positive statements
claims that attempt to describe the world as it is
normative statements
claims that sttempt to prescribe how the world should be