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Ch. 1, Sect. 3: "What Do Economists Do?"

Name:   __________________________________
Period:  __________
Horizontales
This Latin term refers to "holding other things constant".
This type of economics is subjective & value based.
This political group believes that gov't intervention in the market should be minimal.
All activities in a nation that together affects the production, distribution and use of goods and services.
This is a synonym for an economic model.
This type of economics is objective and fact based.
These professionals study the ways individuals, businesses and nations use their limited resources.
This is an assumption involving two or more variables that must be tested for validity.
Verticales
These are the beliefs or characteristics that a person or group considers important.
These show a visual representation of how consumers and businesses react to changes in the world around them.
This term refers to the government "hands-of" policy concerning business and consumer affairs.
This political group believes that that the federal gov't needs to intervene in the economy.