Term
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Definition
| visual model of the economy that shows how dollars flow through markets among households and firms |
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Term
| Who are the buyers and sellers in a market for goods and services? |
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Definition
| Households are the buyers while firms are the sellers |
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Term
| In the market for the factors of production, who are the buyers and sellers? |
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Definition
| Households are the sellers and firms are the buyers, of labor and what not that is |
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Term
| Production possibilities frontier |
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Definition
| a graph that shows combinations of output that the economy can possibly produce given the available factors of production and the available production of technology |
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Term
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Definition
| What one gives up to get something else |
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Term
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Definition
| study of how households and firms make decisions and how they interact in markets |
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Term
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Definition
| the study of economy wide phenomna including inflation, employment and economic growth |
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Definition
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Term
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Definition
| claim how the world should be changed to |
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