Terms : Hide Images
| 208775171 | Gross Domestic Product (GDP) | A measure of the value of all the goods and services newly produced in an economy during a specified period of time. | |
| 208775172 | Relative Price | The price of a particular good compared to the price of other things. | |
| 208775173 | Economic Variable | Any economic measure that can vary over a range of values. | |
| 208775174 | Controlled Experiments | Empirical tests of theories in a controlled setting in which particular effects can be isolated. | |
| 208775175 | Experimental Economics | A branch of economicsthat uses laboratory experiments to analyze economic behavior. | |
| 208775176 | Circular Flow Diagram | A diagram illustrating the flow of duns through the economy as people buy and sell in markets. | |
| 208775177 | Economic Model | An explanation of how the economy or part of the economy works. | |
| 208775178 | Positively Related | A situation in which an increase in one variable is associated with an increase in another variable; also called "Directly Related" | |
| 208775179 | Negatively Related | A situation in which an increase in one variable is associated in a decrease in another variable; also called "Inversely Related" | |
| 208775180 | "Ceteris Paribus" | "All other things being equal"; Refers to holding alll other variables constant or keeping all other things the same when a variable is changed. (Things NOT Ceteris Paribus are factors OUTSIDE of money that influence the demand curve) | |
| 208775181 | Microeconomics | The branch of economics that examines individual decision-making at firms and households and the way they interact in specific industries and markets. | |
| 208775182 | Macroeconomics | The branch of economics that examines the workings and problems of the economy as a whole-GDP, growth, and unemployment | |
| 208775183 | Mixed Economy | A market economy in which the government plays a very large role. | |
| 208775184 | Positive Economics | Economic Analysis that explains what happens in the economy and why, without making recommendations about economic policy. | |
| 208775185 | Council of Economic Advisers | three-member group of economists appointed by the president of the united states to analyze the economy and make recomendations about economic policy. |
