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of 11 available terms

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4 Written Questions

4 Multiple Choice Questions

  1. Stuff
  2. Households and firms
  3. The economy is getting all it can from the scarce resources it has available
  4. The study of how households and firms make decisions and how they interact in markets

3 True/False Questions

  1. ModelA highly simplified representation of a more complicated reality


  2. Normative statementsClaims that attempt prescribe how the world should be


  3. Production possibilities frontierA graph that shows the combinations of output that the economy can possibly produce given the available factors of production and the available production technology


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