Chapter 2 - Thinking Like an Economist

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Issac Newton

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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.

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