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Graphs
________ provide an easy way of finding and interpreting patterns in data.
Issac Newtons
________ theory of gravity (not only applies to the apple falling to the earth, but to any two objects in the universe)
Paula
________ has an income of $ 20, 000 and is taxed $ 4, 000, or 20 percent of her income.
Firms
________ produce goods and services using inputs / [labor, land, capital (building and machines)/]
Macroeconomics
________: the study for economy- wide phenomena, including inflation, unemployment, and economic growth.
Normative statements
________- claims that attempt to prescribe how the world should be (prescriptive)
Positive statements
________- claims that attempt to describe the world as it is (descriptive)
Economists advice
________ is only the first step of any policy- making while offering their crucial input thats then passed onto other representatives for their opinions.
visual model
A(n) ________ of the economy that shows how dollars flow through markets among households and firms.
Production possibilities
________ frontier simplifies a complex economy to highlight the powerful basic ideas: scarcity, efficiency, trade- offs, opportunity cost, and economic growth.
Graphs
________ offer a way to visually express ideas that might be less clear if described with equations or words.
