
Ch2 Economic methodology
Flashcard
•
Social Studies
•
11th Grade
•
Hard
Chloe Zhang
FREE Resource
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15 questions
Show all answers
1.
FLASHCARD QUESTION
Front
What is microeconomics?
Back
The study of how consumers and businesses behave and interact in individual markets.
2.
FLASHCARD QUESTION
Front
What is macroeconomics?
Back
The study of an economy or group of economies.
3.
FLASHCARD QUESTION
Front
Why do economists use models?
Back
To provide a simplified view of reality and test a particular theory.
4.
FLASHCARD QUESTION
Front
What is a positive statement?
Back
A statement based on fact or actual evidence.
5.
FLASHCARD QUESTION
Front
What is a normative statement?
Back
A statement based on opinion or value judgement that cannot be proven.
6.
FLASHCARD QUESTION
Front
What does ceteris paribus mean?
Back
Other things remain equal; used to simplify change in complex situations.
7.
FLASHCARD QUESTION
Front
What is the short run in economics?
Back
A time period when a firm can change at least one but not all factor inputs.
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