Vocab
statistics
numerical data or info
what are the 3 ways of modeling economic data
Graphing, charting, and tables
list two topics of macroeconomic interest
money banking finance
gov taxing and spending policies
employment and unemployment
inflation
microeconomics
the study of behavior of individual people
how does charting help show data
by showing number in relation to other numbers
list two topics of interest for microeconomics
market prices cost profits
competition gov regulation
consumer behavior
business behavior
macroeconomics
the study of the behavior the economy as a whole
how does graphing help show data
it shows trends and data
what method does positive economics use
the scientific method
positive economics
the way of describing economics the way it is
what are three types of graphs
pie chart
bar graph
line graph
what is normative economics based off of
value based judgments
normative economics
explaining economic behavior should be
explain the value of statistics and other data
which economist had the most influence
Adam smith