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Ch1Sc4
Vocabulary Flashcards
Term | Definition |
---|---|
statistics | numerical data |
microeconomics | study of the behavior of individual players- such as individuals, families, and businesses- in an economy |
macroeconomics | study of the behavior of the economy as a whole; concerned with a large scale economic activity |
positive economics | describing and explains economics as it is |
normative economics | describes and explains what economic behavior ought to be, not what it actually is |