chapter 1 section 4 vocab

Question 1

statistics

Answer 1

numerical data or information

Question 2

microeconomics

Answer 2

study of behavior of individual players in an economy

Question 3

macroeconomics

Answer 3

study of the behavior of the economy as a whole

Question 4

positive economics

Answer 4

a way of describing and explaining economics as it is, not how it should be

Question 5

normative economics

Answer 5

a way of describing and explaining what economic behavior ought to be, not what it actually is