chapter two Flashcards

1
Q

Economists play two roles

A
  1. as a scientist: try to explain the world as it is
  2. policy advisors: prescribe the world as it should be
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2
Q

Microeconomics

A

study of households and firms and how they interact in the market

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3
Q

Macroeconomics

A

study of economy-wide phennomena

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4
Q

positive economics

A

based on fact

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5
Q

normative economics

A

prescribes the world. uses opinion

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