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| The price of a particular good compared to the price of other things |
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| Any econ measure that can vary over a range of values |
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| Empirical tests of theories in a controlled setting in which particular effects can be isolated |
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| A branch of econ that uses lab experiments to analyze econ behavior |
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| Explanation of how the economy or part of the economoy works |
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| The Branch of econ that examines indivdual decision-making at firms and households and the way they interact in specific industries and markets |
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| Branch of econ that examines workings and problems of econ as whole GDP growth and unemployment |
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| GDP (Gross Domestic Product) |
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| A measure of the value of all goods and services newly produced in an econ during a specific period of time |
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| A situation in which an incease in one variable is associated with an increase in another variable; also called directly related |
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| A situation in which an increase in one variable is assoicated with a decrease in another variable; also called inversely related |
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| All other things being equal refers to holding all other variables constant or keeping all other things the same when one variable is changed |
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| Econ system based on a market econ in which capital is indivdually owned, and production and employment decisions are decentralized |
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| An econ system in which the gov owns and controls all the capital and makes decisions about prices and quantities as part of a central plan |
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| a market econ in which the gov plays a very large role |
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| Economic explains what happens in econ and why; without making recommendations about economic policy |
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| Economic analysis that makes recommendatins about economic policy |
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| Council of Economic Advisers |
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| 3 member group of econ appointed by the president of US to analyze the econ and make recomendations |
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