Econ 222 Vocabulary Chapter 2
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A visual model of the economy that shows how dollars flow through markets among households and firms
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
The study of how households and firms make decisions and how the interact in markets
The study of economy wide phenomena, including inflation, unemployment, and economic growth
Claims that attempt to describe how the world is
Claims that attempt to prescribe how the world should be
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