1
Q
Steps of the scientific method
A
- Developing models that explain some part of the world
2. Testing those models using data to see how closely the model matches what we actually observe
2
Q
Two important features of models
A
1 They are not exact
2. They generate predictions that can be tested with data
3
Q
What is correlation?
A
When 2 things are related
4
Q
What is positive correlation?
A
When 2 things change in the same direction
5
Q
What is negative correlation?
A
When 2 things change in opposite directions
6
Q
What is causation?
A
When one thing directly affects another
7
Q
What are omitted variables?
A
a variable that contribute to cause and effect of something
8
Q
What is reverse causality?
A
when there is cause and effect but it goes in the opposite direction as we thought
Macroeconomics
flashcards
Decks in class (16)
# Cards
-
Chapter 648
-
Chapter 7: The Wealth of Nations and Economic Growth28
-
Chapter 8: Growth, Capital Accumulation, and the Economics of Ideas: Cathcing up vs the Cutting Edge45
-
Chapter 9: Saving, Investment, and the Financial System45
-
Chapter 10: Stock Markets and Personal Finance24
-
Chapter 11: Unemployment & Labor Force Participation36
-
Chapter 12:Inflation and the Quantity Theory of Money30
-
Chapter 1: the Principles and practice of economics12
-
Chapter 2: Economic methods8
-
Chapter 1328
-
Chapter 1413
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Chapter 1533
-
Chapter 1613
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Chapter 1731
-
Chapter 1831
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Chapter 1911
