ECONOMICS VOCABULARY
- Economics: The study of how people choose to use their limited resources to satisfy their unlimited wants.
- Rational Behavior Model: A tool for understanding the mystery of human behavior. It theorizes that people behave in ways that are based on reason
- Microeconomics: the study of the economy at the level of individuals, households, and businesses.
Economic Model: a representation of reality that allows economists to focus on the effects of one change at a time.
- Macroeconomics: focuses on the workings of an economy as a whole.
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