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ECN 104 (387)
Chapter 2

Chapter 2 - Thinking like an Ecnomist.doc

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ECN 104
Frank Trimnell

Chapter 2Thinking like an EconomistScientific Method The dispassionate development and testing of theories about how the world works Model A highly simplified representation of a more complicated reality Circularflow diagram A visual Model of the economy that shows how dollars flow though markets among household and firms Factors of production Resources used by the economy to produce goods and services Land Labour Capitalbuildings and machines used in production Firms produce goods and services using the input of the factors of productionHouseholds own factors of production consume goods and services that firms produce Market for goods and services firms are selling goods and services and households are buyingMarket for the factors of production Firms are buying and households are sellers Microeconomics The study of how households and firms make decisions and how they interact in markets Macroeconomics the study of economywide phenomena including inflation unemployment and econ
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