Term
| Thinking like economist (3) |
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Definition
1. alternatives
2. cost of choices
3. events <-> issues |
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Term
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Definition
1. Circular Flow Diagram
2. Production possibilities Frontier |
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Term
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Definition
| how $$ flow markets <--> households |
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Term
| Circular-flow diagram, what households input |
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Definition
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Term
| production possibilities frontier is |
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Definition
| graph combining possible output <--> available factors of production & technology |
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Term
production possibilities frontier
4 concepts |
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Definition
1. efficiency
2. tradeoffs
3. opportunity cost
4. economic growty |
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Term
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Definition
scientists -- explaining world
policy advisers -- change the world |
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Term
| economic data collectors (gov) |
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Definition
Commerce
Labor Statistics
Congressional Budget office
Federal Reserve Board |
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Term
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Definition
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