Causation means that one event brings about another

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Unformatted text preview: ans that one event brings about another event. Note: Correlation does not imply causation. Economic Models Economic Model: an explanation of how the economy or part of the economy works; an abstraction or simplification of the real world. Microeconomics: the branch of economics that examines individual decisionmaking at firms and households and the way they interact in specific industries and markets. Macroeconomics: the branch of economics that examines the workings and problems of the economy as a whole; focuses on variables such as GDP growth and unemployment. Economic Models: An Examp...
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This note was uploaded on 06/01/2010 for the course ECONOMICS STA2012 taught by Professor Fan during the Spring '10 term at A.T. Still University.

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