Term
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Definition
| A visual model of the economy that shows how dollars flow through markets among households and firms. |
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Term
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Definition
| the study of economy-side phenomena, including inflation, unemployment and economic growth. |
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Term
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Definition
| the study of how households and firms make decisions and how they interact in markets. |
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Term
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Definition
| claims that attempt to prescribe how the world should be |
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Term
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Definition
| claims that attempt to describe the world as it is. |
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Term
| Production Possibilities Frontier |
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Definition
| A graph that shows the combination of output that the economy can possibly produce given the available factors of production and the available production technology. |
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