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11 Cards in this Set
- Front
- Back
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4 economic resources
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1) Labor
2) Capital 3) Land 4) Entrepreneurship |
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deals with how the economy wks
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positive economics
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deals w/ "what should be"; making judgements and prescribing solutions
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normative economics
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change in vertical variable over change in horizontal variable
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slope
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2 types of capital
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1) physical
2) human |
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concerned w/ behavior of individual actors
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microeconomics
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examines the economy's total output
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macroeconomics
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households, businesses
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micro
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sum total of economic activity, dealing with the issues of growth, inflation, and unemployment and with national economic policies relating to these issues
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macro
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ways of making a model simpler w/o affecting its important conclusions
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simplifying assumptions
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affests the conclusions of a model
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critical assumption
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