Economic Thinking

circular flows diagram

A common economic model that reveals a relationship between two types of groups interacting in marketing in an economy is called

the relationship between X and Y is direct

From the graph above, one could conclude that, all else remaining constant

is a constant relationship between x and y

If a graph data line indicates that there is a zero slope, this means there

Livestock

Natural resources, or land, can include the fertility of the land, minerals below it, and what other aspects?

Mathematical functions

Syd is an economist putting together an economic model to predict the outcome from particular causes and effects in the economy. What tool is best for testing out his model?

Specialize resources to the uses where opportunity cost in minimized Refine tasks associated with production

The advantages that society gains through trade lie in the ability to

The name given to a quantity that can assume a range of values

When an economist or mathematician uses equations to calculate changing economic conditions, they use variables to simplify this process. What is a variable?

predicting outcomes

When certain assumptions are used to create a model of reality, its value can be tested and determined by