Chapter 2 - Thinking Like an Economist

Issac Newton

________ developed a theory in the 17th- century that stated that gravity applies to any two objects in the universe.

effectiveness of equality

A policy could risk its ________ by increasing its efficiency.

Pie Charts

Economists can use ________, Bar Graphs, or Time- Series Graphs.

Federal Reserve

The ________ sets the nation's monetary policy and employs hundreds of economics throughout the world to analyze developments in each country.

scientific method

The ________ is a dispassionate development and testing of theories about how the world works.

Graphs help economists

________ express concepts with numbers and variables that are related to one another.

Policy adviser POV

________: The government should raise the minimum wage.

variables

When two ________ move in the same direction, they 're positively related.

Coordinate System

The ________ can be used in graphs to represent two variables, whether they 're changing over time or across individuals.

Macroeconomics

________: the study of economy- wide phenomena, including inflation, unemployment, and economic growth.

Positive statements

________ can be confirmed or refuted by analyzing data on changes in minimum wages, as well as the rate of unemployment over time.