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ECON Ch2

QuestionAnswer
Causation means... one event brings about another event
Correlation means... one event is observed to occur along with another
To determine causality in sciences, researchers... perform controlled experiments
Experimental economics... uses laboratory experiments to analyze economic behavior
Economic models explain... human behavior
Macroeconomics is focused on... the economy as a whole, focuses on variables such as GDP growth and unemployment.
Microeconomics is focused on... examines individual decision-making at firms and households and the way they interact in specific industries and markets.
Two variables are negatively correlated if... the value of one increases as the other decreases
Two variables are positively correlated if... the value of one decreases as the other decreases
Ceteris paribus means... all other things equal - keeping all variables constant when one variable is changed
Created by: naddotey
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