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Сhapter 2 - Coggle Diagram
Сhapter 2
Ceterie paribus
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Allows economist to simplify a situation by assuming that apart from a single change of circumstances, everything else is unchanged
As you study economics, you will realise the importance of the term ceteris paribus when explaining change.
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What is economics?
MICROECONOMICS
is the study of individual markets.it looks at the behaiviurnand decisions of households and firms,and how they interact.
MACROECONOMICS
The study of the whole economy or groups of economics. Macroeconomics also looks at how consumers and firms interact on a broader level
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time periods
We live in a world of change,change is around us in daily life,and in the ways in which economics función.Economists use time periods to assess how over time change can influence the concepts that economists seek model and explain.
Example:The following time periods are often used when economists discuss the factors of pruduccion.