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5 Cards in this Set

  • Front
  • Back
Scientific method
the dispassionate development and testing of theories about how the world works
Circular flow diagram
2 decision makers: firms and households
Firms
produce goods and services using inputs such as labor, land and capital.
AKA factors of production
Households
own the factors of production and consume all the goods and services the firms produce
Production possibilities frontier
a graph that shows the various combinations of output that the economy can possibly produce given the available factors of production and the available production technology that firms use to turn these factors into output