The economic model of demand
a. explains the consequences of a change in buyers' tastes, but not the causes
b. explains the causes of a change in buyers' tastes, but not the consequences
c. explains both the causes and consequences of a change in buyers' tastes
d. explains neither the causes nor the consequences of a change in buyers' tastes
e. ignores buyers' tastes because they are too unstable to include in the model
A
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Economic goods are
A) abundant goods, about which we must constantly make decisions about their best use. B) all imaginable items from which individuals derive satisfaction or happiness. C) goods that are scarce, for which the quantity demanded exceeds the quantity supplied at a zero price. D) goods that are scarce, for which the quantity demanded exceeds the quantity supplied at any price.
Analysis that is limited to making either purely descriptive statements or scientific predictions is
A) positive economics. B) normative economics. C) microeconomics. D) macroeconomics.