ch2 - AP Economics Mrs Chopra THINKING LIKE AN ECONOMIST...

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AP Economics Mrs. Chopra THINKING LIKE AN ECONOMIST Chapter 2 The economist as Scientist A. Economists follow the Scientific Method a. Observation helps us to develop theory. b. Data can be collected and analyzed to evaluate theories. c. Using data to evaluate theories is more difficult in economics than in physical sciences because d. Economists pay close attention to events and natural experiments offered by history. B. Assumptions make the world easier to understand. a. Example. ... b. One important role of a scientist is to understand which assumptions one should make. c. Economists often use assumptions .... C. Economists use economic models to explain the world around us. a. Most economic models are composed of diagrams and equations. b. The goal of a model is to simplify reality in order to increase our understanding. D. THE CIRCULAR FLOW MODEL
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E. THE PRODUCTION POSSIBILITIES FRONTIER PPC depends on two things: the availability of resources and the level of technology.
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