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6 Cards in this Set
- Front
- Back
Circular-flow diagran
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a visual model of the economy that shows how dollars flow through markets among households and firms
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Production possibilities frontier
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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 decisions and how they interact in markets
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Macroeconomics
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the study of economywide phenomena, including inflation, unemployment, 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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claims that attempt to prescribe how the world should be
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