Module 2 Additional Resources

Glossary of Terms

  • Circular flow diagram: a diagram that explains the flow of money from firms to households to firms, and the flow in the opposite direction of goods and services between firms and households.
  • Factors of production: any input that producers, farmers, manufacturers use to make or grow products.
  • Economic models: simplified versions of reality that help boil down complex issues into simple but essential relationships
  • Theory – an idea or proposition intended to explain something
  • Invisible hand – an idea brought forth by Adam Smith that suggests when all producers and consumers act selfishly, markets will provide goods and services in the best way possible
  • Efficiency – a state whereby the best solution or outcome is attained
  • Equity – fairness
  • Macroeconomics – the study of broad economic issues concerned with the entire nation
  • Microeconomics – the study of how individuals or firms behave
  • Normative – subjective
  • Positive – objective
  • Dismal science – commonly used to describe the study of economics as focusing on misery


Carter, R. Thacker, E. Heaton, K., and Burritt, B. 2019. Grazing and harvest efficiency of forage by cattle on western rangelands.  AG/Rangeland, Agricultural Extension, Utah State University. Retrieved from:

Supplementary Resources

There are many interesting articles on the Internet, in the economic literature, in the popular press and in the news.  Here are a couple of my favourites:

Freakonomics looks at a diverse array of topics using economic analysis to make sense of them. The writing is easy to follow and quite funny.  The link is:

If you like reading blogs, this is a good site: