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Nelson EducationHigher EducationPrinciples of Microeconomics, Fourth Canadian EditionStudent Resources | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Chapter 2. Thinking Like an Economist
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Ccircular-flow diagrama visual model of the economy that shows how dollars flow through markets among households and firms
Mmacroeconomicsthe study of economy-wide phenomena including inflation unemployment and economic growth microeconomics the study of how households and firms make decisions and how they interact in markets
Nnormative statementsclaims that attempt to prescribe how the world should be
Ppositive statementsclaims that attempt to describe the world as it is 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
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