chapter 2
ch2
ch2
ch 2
ch2
100
A statement about cause and effect, action and reaction in economic life.
What is Economic Theory
100
What are economic models composed of
diagrams,graphs and equations
100
if two variables move in the same direction they are said to be positively or directly related
What is positively Related Variables
100
statements that attempt to describe the world as it is
What is positive statements
200
a formal statement of a theory. It is a small-scale version of some aspect of the economy
What is Economic Model
200
a model that shows various combinations of goods and services that can be produced given the available resources and the technology
What is The Production Possibility Frontier (PPF)
200
slope is calculated by
What is rise/run
200
whta are the two ways to fnd the slope
What is point slpoe and arc slope
300
an illustration of a mathematical relationship between variables.
What is Graph
300
a model of the economy that shows how dollars,inputs,outputs flow through goods and services, and inputs markets among households and firms
What is Circular Flow Diagram
300
if two variables are said to be unrelated , an increse or a decrease in one variable results in no charge in the othe variable
What is unrelated variables
300
line represents the change in one variable when the variables changes
What is slope
400
a measure that can change from time to time, or from observation to observation
What is variable
400
what are the 3 types of graphs used in economics
What is scatter diagrams, time-series graphs and cross-sectional graphs
400
if two variables move in the opposite directions, they are said to be negatively or indiredtly related.
What is negatively Related Variables
400
two varibles are correlated if they move up or down in the same direction together
What is correlation and causation
500
simply means omitting,ignoring details
What is Abstraction
500
a graph on which the value of one variable is plotted against the value of another variable
What is scatter diagram
500
statements that attempt to describe how the world ought tobe
What is normative statements
500
if two variables are said to be infinitely related, for no change in one variable the other variable can take on any value
What is infinitely related variables
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