An Introduction to “Econospeak”

In This Chapter

  • Defining some important economic terms
  • Brushing up your math skills: how to construct a graph
  • Calculating the slope of a curve
  • The role of models in economics

This chapter presents some of the essential vocabulary needed to understand the core principles of economics. Although definitions of unfamiliar words are included wherever they occur, a preview will prepare you for this new material.

If you haven’t looked at a math book for a few years, this chapter will review two of the common tools used to analyze economic information: contructing graphs and identifying the slope of a line. ...

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