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Chapter 1 part two

What are the tools of economics?

What are statistics? the data that describes economic variables; also the techniques of analyzing, interpreting, and presenting data
Define institutions? decision-making units, established practices, or laws exp. Banking system, labor unions, legal principle of private property ownership etc.
What is another helpful economic tool? History or economic history
What are important organizations customs, or patterns of behavior in a society? Institutions
What is an economic concept? a word or phrase that conveys an economic idea
What is the most important theoretical tool of economics? Economic Models
What is an economic model? a simplified representation of the cause-and-effect relationships in a particular situation. Models may be in verbal, graphic, or equation form.
What is a variable? a quantity- such as number of workers, amount of carbon dioxide, or interest rate- whose values changes in relationship to changers in the values of other associated items.
What type of models do economist often test their hypotheses with? Mathematical, graphs, or stated in words
Created by: Selynra