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Circular-Flow Diagram
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A visual model of the economy that shows how dollars flow through markets among households and firms
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Production Possibilities Frontier
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A graph that shows the combinations of output that the economy can possibly produce given the available factors of production and the available production technology
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Microeconomics
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The study of how households and firms make decisions and how they interact in markets
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Macroeconomics
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The study of economy-wide phenomena, including inflation, unemployment, and economic growth
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Positive Statements
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Claims that attempt to describe the world as it is
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Normative Statements
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Claims that attempt to prescribe how the world should be
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