MacroChapter2 - CameronHorton Macroeconomics Chapter2...

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Cameron Horton Macroeconomics Chapter 2 Questions for Review 1. Economists offer conflicting advice because of differences in scientific judgments or because  of differences in values.  2. One way family interacts with the factor market is by providing labor or land. A way that family  interacts with the product market is by spending money to buy goods. 4. The circular flow diagram just shows the very basics for the economy. One thing the circular  flow diagram doesn’t show is anything about the middle man. In some of the economic  interactions there is a middle man that buys the part or product from the manufacturer only to  turn around and resale it.  5. On a production possibility frontier any point that ends up on the frontier is efficient with the  available resources. Any point outside the frontier is not possible, and any point inside the  frontier is not efficient. 7. The two subfields of economics are microeconomics and macroeconomics. Micro economists 
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This note was uploaded on 03/14/2011 for the course POLSCI 1123 taught by Professor Thompson during the Spring '11 term at Oklahoma State.

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MacroChapter2 - CameronHorton Macroeconomics Chapter2...

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