1. Explain the differences between the terms in each of these pairs: a. statistics b. macroeconomics c. positive economics economic model microeconomics normative economics 2. Why do economists often choose to present statistics in charts, tables, or graphs? 3. Create a simple model to explain how you decide how much time to study and how much time to unwind each evening. You may use words, charts or graphs, or equations. 4. Think of an example of a macroeconomic issue that affects an individual person, family, or business and explain its effect. 5. Explain the value of statistics and other data to positive economics and to normative economics. ClassZone.com ECONOMICS IN PRACTICE 6. Using Your Notes In what ways was Adam Smith a microeconomist? In what ways a macroeconomist? Refer to your completed comparison and contrast chart