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

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