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https://quizlet.com/_3p6ith

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 observe, collect data, postulate theories, and observe again 

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 observe, collect data, postulate theories, and observe again 

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just like any other scientist

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simplify our complex world

assume: only variables given are the ones that should be taken into consideration

models: only details given make the model true

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firms sell
households buy

market!

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firms buy
households sell

market!

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produce and sell goods and services
hire and use factors of production

decision-maker!

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buy and consume goods and services
own and sell factors of production

decision-maker!

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production possibilities curve

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A: inefficient
B: efficient - more guns than butter
C: efficient - more butter than guns
D: efficient - fairly equal amounts of guns and butter
X: unattainable with given resources

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focus on graph only...

technological advancement can lead to higher possibilities in production than before

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positive - scientist

normative - policy adviser

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economists disagree and have differing advice because they are people too and have differing viewpoints (normative statements) which affect their advice-giving

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economists disagree and have differing advice because they are people too and have differing viewpoints (normative statements) which affect their advice-giving

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based off customs

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property is owned
competitive prices
limited government intervention
no economic plan

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government intervention
- sets prices
- economic plan

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Increase in Capital Goods means Increase in Consumer Goods

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Increase in Capital Goods means Increase in Consumer Goods