Chapter 2 - Thinking Like an Economist

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31 Terms

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Issac Newton
________ developed a theory in the 17th- century that stated that gravity applies to any two objects in the universe.
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effectiveness of equality
A policy could risk its ________ by increasing its efficiency.
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Pie Charts
Economists can use ________, Bar Graphs, or Time- Series Graphs.
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Federal Reserve
The ________ sets the nation's monetary policy and employs hundreds of economics throughout the world to analyze developments in each country.
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scientific method
The ________ is a dispassionate development and testing of theories about how the world works.
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Graphs help economists
________ express concepts with numbers and variables that are related to one another.
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Policy adviser POV
________: The government should raise the minimum wage.
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variables
When two ________ move in the same direction, they 're positively related.
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Coordinate System
The ________ can be used in graphs to represent two variables, whether they 're changing over time or across individuals.
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Macroeconomics
________: the study of economy- wide phenomena, including inflation, unemployment, and economic growth.
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Positive statements
________ can be confirmed or refuted by analyzing data on changes in minimum wages, as well as the rate of unemployment over time.