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Thinking Like An Economist
Thinking Like An Economist
Economist
Chapter 2
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Economics trains you to. . . .
Descriptive (reporting facts,
etc.)
Analytical (abstract reasoning)
Two Roles of Economists
When they are trying to explain the
world, they are scientists.
When they are trying to change the
world, they are policymakers.
The Economist as a Scientist
The Circular Flow Model
The Production Possibilities Frontier
The Circular-Flow Model
Quantity of
Computers
Produced
3,000 D
2,200
C
2,000 A
B
1,000