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Chapter 2: Thinking like an Economist

2 Pages

Course Code
ECN 104
Tsogbadral Galaabaatar

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Chapter 2 Thinking like an Economist The Economist as Scientisty Devise theories collect data and then analyze these data in an attempt to verify or refute their theoriesy Apply the scientific method when testing theories about how the world worksy Experiments are difficult in economics Cannot manipulate the nations monetary policy to generate datay Economists make assumptions because they can simplify the complex world and make it easier to understandEconomic Modelsy Economists use models composed of diagrams and equations to model the world y Economists model does not include every feature of the economybuilt with assumption Circular Flow Diagramy The economy is simplified to include only two types of decision makershouseholds and firmsy Firms produce goods and services using labor land and capitalo These inputs are called the factors of productiono Households own the factors of production and consume all
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