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Which economic reasoning is involved when someone

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Which economic reasoning is involved when someone wants to study a country's output of gross domesticproduct (GDP)?
Microeconomic theoryMarket analysisTax policyMacroeconomic theoryCorrect! Macroeconomic theory deals with the country as a whole, including measuring output via GDP.Lesson SummaryIn this lesson, you learned the following key concepts in economic reasoning:Microeconomics and macroeconomics are two different perspectives on the economy. Themicroeconomic perspective focuses on parts of the economy: individuals, firms, and industries. Themacroeconomic perspective looks at the entire economy, focusing on goals like growth in thestandard of living, unemployment, and inflation.1Positive and normative economic thought are two specific aspects of economic reasoning. Althoughthey are associated with one another, positive and normative economic thought have differentfocuses for analyzing economic scenarios. Positive economics clearly states an economic issue, andnormative economics provides the value-based solution for the issue.3A model is a framework designed to show complex economic processes. The focus of a model is togain a better understanding of how things work, observe patterns, and predict the results.Economic indicators help create predictions about economic changes.
Lesson 4: Factors and Payments of ProductionLesson IntroductionThe factors of production in an economy are as follows:Natural resources:Things found in nature that may be used to produce goods and services, suchas land, minerals, and petroleumLabor:The human effort that can be applied to the production of goods and services. People whoare employed—or able to be—are considered part of the labor available to the economy.Capital:A factor of production that has been created for use in the production of other goods andservices. Office buildings, machinery, and tools are examples of capital.Entrepreneur:A person operating within a market economy who looks for ways to make profits byfinding new ways in which the factors of production may be organizedFactor payments includerent for land or buildingswages and salaries for laborinterest and dividends for the use of financial capital (loans and equity investments)profit for entrepreneurshipCircular Flow Model: An economic model that shows the flow of money and goods through the economy.The most common form of this model shows the circular flow of income between the household sector andthe business sectorFactor of Production: Natural ResourcesThe natural resources available to society can be expanded in the following three ways:discovery of new natural resources, such as the discovery of a deposit of ore containing titaniumdiscovery of new uses for resources, such as what happened when new techniques allowed oil to beproductively used or sand to be used in manufacturing computer chipsdiscovery of new ways to extract natural resources to use them; New methods of discovering andmapping oil deposits have increased the world's supply of this important natural resource.

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