Econ 222 Vocabulary Chapter 2

Card Set Information

Author:
Ccroagunk
ID:
53505
Filename:
Econ 222 Vocabulary Chapter 2
Updated:
2010-12-05 15:58:55
Tags:
Macroeconomics
Folders:

Description:
Vocabulary for Chapter 2 Econ 222
Show Answers:

Home > Flashcards > Print Preview

The flashcards below were created by user Ccroagunk on FreezingBlue Flashcards. What would you like to do?


  1. Circular-Flow Diagram
    A visual model of the economy that shows how dollars flow through markets among households and firms
  2. Production Possibilities Frontier
    A graph that shows the combinations of output that the economy can possibly produce given the available factors of production and the available production technology
  3. Microeconomics
    The study of how households and firms make decisions and how the interact in markets
  4. Macroeconomics
    The study of economy wide phenomena, including inflation, unemployment, and economic growth
  5. Positive Statements
    Claims that attempt to describe how the world is
  6. Normative Statements
    Claims that attempt to prescribe how the world should be

What would you like to do?

Home > Flashcards > Print Preview