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Hannah Microeconomics Chapter 2
Definitions
6
Economics
Undergraduate 1
11/27/2011

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Term
circular-flow diagram
Definition
a visual model of the economy that shows how dollars flow through markets among households and firms
Term
production possibilities frontier
Definition
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
Term
microeconomics
Definition
the study of how households and firms make decisions and how they interact in the markets
Term
macroeconomics
Definition
the study of economy wide phenomena, including inflation, unemployment, and economic growth
Term
positive statements
Definition
claims that attempt to describe the world as it is
Term
normative statements
Definition
claims that attempt to prescribe how the world should be
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