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6 Cards in this Set
- Front
- Back
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Circular Flow Diagram (CFD)
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a visual model of the aconomy that shows how dollars flow through markets among households and firms.
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Product Possibilities Frontier (PPF)
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a graph that shows the combinations of output that the economy can possibly produce given the available factors of production and the available production technology.
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Microeconomics
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The study of how households and firms make desicions an dhow they interact in markets.
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Marcoeconomics
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the study of economy-wide phenomena, including inflation, enemployment, and economic growth.
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Positive Statements
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Claims that attempt to describe the world as it is.
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Normative Statements
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Clains that attempt to prescribe how the world should be.
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