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5 Cards in this Set
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Scientific method
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the dispassionate development and testing of theories about how the world works
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Circular flow diagram
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2 decision makers: firms and households
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Firms
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produce goods and services using inputs such as labor, land and capital.
AKA factors of production |
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Households
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own the factors of production and consume all the goods and services the firms produce
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Production possibilities frontier
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a graph that shows the various combinations of output that the economy can possibly produce given the available factors of production and the available production technology that firms use to turn these factors into output
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