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2 RÉPLICAS
1. Economists: they try to approach their subject matter with scientific objectivity. What
they do is group different theories, collect data and analyze them to try to prove or
disprove their theories.
2. Scientific method: consists of the objective development and testing of theories about
how the world works. This research method can be applied both to the study of the
economy of a country and to the study of the force of gravity of the Earth or the
evolution of species.
3. Observation, theory and more observation: consists of carefully observing the
phenomenon, fact or case, taking information and recording it for later analysis.
Observation is a fundamental element of any research process; It supports the
researcher to obtain the greatest number of data.
4. The role of assumptions: Economists also make assumptions, because they simplify
the complex world and make it easier to understand. They employ different
assumptions, depending on whether what is being studied are the short-term or long-
term effects of a change in the amount of money circulating in the economy.
5. Economic models: Economists use models to study the workings of the world, which
are made up of diagrams and equations. These omit details, which allows you to
visualize what is really important. Biology models do not include all the muscles and
capillaries of the body, and those of economics do not include all the variables that
intervene in reality.
6. Circular flowchart: Visual model of the economy showing how much money circulates
between businesses and households through markets.
7. Production possibilities frontier: Graph that shows the different combinations of
production that the economy can produce, given the factors of production available
and using the technology that exists for companies to convert them into products.
8. The opportunity cost: It is the cost of what is given up getting something.
9. The market for goods and services: where households are buyers and businesses are
sellers. In particular, households buy the production of goods and services that firms
produce.
10. In factor markets of production: households are the sellers and firms are the buyers.
Households provide the inputs firms need to produce goods and services.
11. Microeconomics: The study of how households and firms make decisions and interact
in the marketplace.
12. Macroeconomics: The study of phenomena throughout the economy, such as
unemployment, inflation, and economic growth.
13. Positive affirmations: Statements that seek to describe reality as it is.
14. Normative statements: Statements that seek to describe reality as it should be.
15. The field of economics is divided into two areas: microeconomics and
macroeconomics.
16. Effectiveness: It consists of achieving the goals established in the company.
17. Efficiency: Refers to achieving goals with the least amount of resources.