Chapter 2: Thinking Like an Economist Flashcards
1
Q
Economists are like:
A
Scientists that devise theories, collect data, analyze it, and very or refute their theories
2
Q
Conducting experiments in economics
A
Is often impractical
3
Q
The role of assumptions
A
Can you simplify complex situations and make it easier to understand. Also deciding which one to make
4
Q
Economic models
A
Diagrams and equations, omit mini details allow us to see, was truly important, built with assumptions, simplify reality to improve understanding of it
