ECO 210-003 Chapter 2

ECO 210-003 Chapter 2 - in specific markets Macroeconomics...

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ECO 210-003 Notes Chapter 2: The Economist as Scientist Circular-flow diagram – visual model of the economy Production Possibilities Frontier – graph that shows the various combinations of output Microeconomics – study of how households and firms make decisions and how interact
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Unformatted text preview: in specific markets. Macroeconomics – study of economy wide phenomena Positive Statements – descriptive to the real world Normative Statements – prescriptive to how the world should be...
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