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Unformatted text preview: a. Two markets i. Goods and services ii. Factors of production-inputs into the production process 1. land, labor, capital iii. Two agents 1. households 2. firms Production possibilities frontier-PPF a. graph that shows combinations of output that the economy can produce given the available factors of production and production technology II. Economist as a policy advisor a. Positive statement i. Describe how the world is b. Normative statement i. Prescribe how the world should be c. they make positive statements followed by normative ones...
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This note was uploaded on 04/08/2008 for the course ECONOMICS 211 taught by Professor Petitfrere during the Fall '08 term at University of Miami.
- Fall '08