Ch2 Economic methodology

Ch2 Economic methodology

Assessment

Flashcard

Social Studies

11th Grade

Hard

Created by

Chloe Zhang

FREE Resource

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15 questions

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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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