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Figure 2.1 Gross Domestic Product (GDP) in the United States, 1990-1999

Figure 2.1 Gross Domestic Product (GDP) in the United States, 1990-1999

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Time-Series Graphs

• Any series of data that is measured over time is

called a time-series. A series that is plotted

over time is called a time-series graph.

• We use a time-series graph to describe the

behavior of a series over time. Economic

models are used to explain the behavior.



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Figure 2.2

Spending on Health Care in the United States, 1990-1999



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Figure 2.3

Health-Care Spending as a Percentage of GDP



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Figure 2.4

Relative Price of Health Care



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Correlation

• Two series of data may be related. Correlation

(positive and negative) measures the potential

relationship.

• What can you say about the correlation

between good grades on economic tests and

time spent partying?



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Figure 2.5

Relative Price of Health Care

versus Health-Care Spending

Share



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Correlation and Causation

Correlation and causation are not the same. To

say that two series are correlated does not

mean that once causes (leads) another.

Correlation between two series may be caused

by a third series.



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Economic Data

• Data measure the interaction of households

(consumers), firms, and governments. Most

interaction occurs in markets.

• A market is a mechanism in which exchange

between buyers and sellers take place.



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Figure 2.6

A Circular Flow

Diagram



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2. Economic Models

A model is an explanation of how the

economy, or part of the economy, works.

• Models are built on theories and tell

economists whether variables are negatively or

positively related.



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Figure 2.7

A Model with Two Positively Related Variables



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Figure 2.1 Gross Domestic Product (GDP) in the United States, 1990-1999

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