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Macroeconomics: Thinking Economically

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Chapter 2 focuses on "Thinking Economically" and introduces economic models as simplified representations of the economy using variables and relationships to explain processes. A key model discussed is the circular flow diagram, which illustrates the exchange of goods, services, and money between h...

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  • December 11, 2024
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  • 2024/2025
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  • Nora underwood
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maddiefendes
MACRO​
CH. 02: THINKING ECONOMICALLY

ECONOMIC MODELS

●​ Economic Model:
○​ A simplified representation of the economy that uses variables and logical
or mathematical relationships to illustrate an economic process.




THE CIRCULAR FLOW DIAGRAM
●​ Definition:
○​ An economic model that displays the exchange of goods, services, and
money between economic agents such as households, businesses,
governments, and financial institutions.




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