Studied by 1 person
Issac Newton
________ developed a theory in the 17th- century that stated that gravity applies to any two objects in the universe.
effectiveness of equality
A policy could risk its ________ by increasing its efficiency.
macroeconomist
A(n) ________, for instance, could study the effects of borrowing by the federal government or how the economy's unemployment rate changes over time.
Pie Charts
Economists can use ________, Bar Graphs, or Time- Series Graphs.
scientific method
The ________ is a dispassionate development and testing of theories about how the world works.
Economists
________ can be both scientists and policy advisers, or one of the two.
math
An economist must deeply understand symbols, history, ________, philosophy, and politics.
Federal Reserve
The ________ sets the nation's monetary policy and employs hundreds of economics throughout the world to analyze developments in each country.
coordinate system
A(n) ________ could include curves.
variables
When two ________ move in the same direction, they 're positively related.
Microeconomics
________: the study of how households and firms make decisions and how they interact in markets.
Normative statements
________ focus more so on a person's values and views on ethics, religions, and political philosophy.
Positive statements
________: claims that attempt to describe the world as it is.
Households
________ include buying and consuming goods, and services, while also owning and selling factors of production.
Demand curves
________ can trace out the effect of a good's price on the quantity of the good consumers want to buy.
factors of production
A firm produces and sells goods, and services, while also hiring and using ________.
Oil prices
________ may skyrocket globally after the war in the Middle East interrupts the supply of crude oil.
flow diagram
Circular- ________: a visual model of the economy that shows how dollars flow through markets among households and firms.
Graphs
________ can express ideas in an easier way than equations or words could express it.
individual households
Economics can be studied on various levels: decisions made by ________ and firms, interactions between households and firms in markets that are specific to their goods and services, or the operation of the economy as a whole.
Labor
In the Department of ________, economists analyze data on workers and people searching for work, in order to help form labor- market policies.
Grade point averages
________ can be measured on a coordinate system.
Scientist POV
________: Minimum- wage laws cause unemployment.
Office of Management and Budget
In the ________, economists assist with formulating spending plans and regulatory policies.
Graphs help economists
________ express concepts with numbers and variables that are related to one another.
variables
When two ________ move in opposite directions, they 're negatively related.
Coordinate System
The ________ can be used in graphs to represent two variables, whether they 're changing over time or across individuals.
Macroeconomics
________: the study of economy- wide phenomena, including inflation, unemployment, and economic growth.
Positive statements
________ can be confirmed or refuted by analyzing data on changes in minimum wages, as well as the rate of unemployment over time.
