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Chapter 2

Chapter 2

4 Pages
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Department
Economics
Course Code
ECN 104
Professor
Eric Kam

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Chapter 2
Economists as scientist
Economists play two roles:
oScientists: try to explain the world
oPolicy advisors: try to improve it
Key wordsDefinition
Assumption Used to simply the complex world, making it easier to understand
ModelsUsed to study economic issues; highly simplified representation of a
more complicated reality in order to increase understanding
Microeconomics The study on how firms and households make decisions and how they
interact with them
Macroeconomic
sThe study of economy wide phenomena; forces and trends that effect
economy
Positive
statementAttempts to describe the world as it is
Normative
statementAttempts to describe the world as it should be
Scientific
method Observation, theory, and more observation
Opportunity
costOpportunity cost of an item is what must be given up to obtain that
item (slope of p.p.f = opportunity cost)
Economic diagrams
1.Circular flow diagram
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Description
Chapter 2 Economists as scientist Economists play two roles: o Scientists: try to explain the world o Policy advisors: try to improve it Key words Definition Assumption Used to simply the complex world, making it easier to understand Models Used to study economic issues; highly simplified representation of a more complicated reality in order to increase understanding Microeconomics The study on how firms and households make decisions and how they interact with them Macroeconomic The study of economy wide phenomena; forces and trends that effect s economy Positive Attempts to describe the world as it is statement Normative Attempts to describe the world as it should be statement Scientific Observation, theory, and more observation method Opportunity Opportunity cost of an item is what must be given up to obtain that cost item (slope of p.p.f = opportunity cost) Economic diagrams 1. Circular flow diagram www.notesolution.com
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