1. How is economics like a science?
2. Why do economists make assumptions?
3. Should an economic model describe reality exactly?
4. Name a way that your family interacts in the factor market, and a way that it interacts in the product market.
5. Name one economic interaction thai isn't covered by the simplified circular-flow diagram.
6. Draw and explain a production possibililies frontier for an economy that produces milk and cookies. What happens to ihis frontier if disease kills half of the economy's cows?
7. Use a production possibilities frontier to describe the idea of "efficiency."
8. What are the two subfii-lds into which economics is divided? Explain what each subfield studies.
9. What is the difference between a positive and a normative statement? Give an example of each.
1(1. Why do economists sometimes offer conflicting advice to policymakers?
Was this article helpful?
Parenting is a challenging task. As a single parent, how can you juggle work, parenting, and possibly college studies single handedly and still manage to be an ideal parent for your child? Read the 65-page eBook Single Parenting Becoming The Best Parent For Your Child to find out how. Loaded with tips, it can inspire, empower, and instruct you to successfully face the challenges of parenthood.