Study your flashcards anywhere!

Download the official Cram app for free >

  • Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key

image

Play button

image

Play button

image

Progress

1/8

Click to flip

8 Cards in this Set

  • Front
  • Back
An economic model is..
..a theoretical depiction of a situation, real oe hypothetical, in the form of a set of relationships.
Two main forms of economic models and the further 4 subdivsion types.
Diagrammatic
- axes diagrams or graphs
- flow diagrams

Mathematical
- unspecified equations
- specificed equations
Def. time series
GIves a sequence of values of variables recorded at intervals in time.
What does cross-section data measure?
differences in the value of a variable for different sections of society at the same point in time.
Nominal values
The actual amounts of money involved in the economy.
Real vaues in an economy
measure the volume of goods that meny will buy. They are said to be at base year prices or constant prices.
Endogenous variable
Variable explained within a theory
Exogenous variable
Determeined by forces outisde the theory. could be weather for example.