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9 Cards in this Set
- Front
- Back
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Economic model |
Is a simplified representation of economic forces. |
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PPC |
Is a graph used by economists to show the impact of scarcity on an economy. |
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Efficiency |
Involves producing the maximum amount of goods and services possible. |
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Underutilization |
Means producing fewer goods and services than possible |
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Law of increasing opportunity costs |
States that as production switch from one product to another increasing amounts of resources are needed to increase the production of the second product. |
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Statistics |
Are information in numerical from. |
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Microeconomics |
The part of economic conceded with single factors and effects of individuals. |
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Macroeconomics |
The part of economic concerned with large-scale or general economic factors such as interest rates and national productivity |
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Positive economics |
Is the objective and fact based, while normative economics is subjective and vale based |
