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Explain the meaning of the expression, "correlation does not prove causation."
Economic Behaviorists
Researchers or economists who study the psychological, social, cognitive, and emotional factors influencing the economic decisions of individuals and institutions.
Monetarists
Economists of the view that changes in the money supply significantly affect the national output in the short term and have major impacts on the price level over extended durations.
MV = GDP
An equation representing the relationship between the money supply (MV) and gross domestic product (GDP), highlighting the velocity of money in economic activities.
PQ = GDP
An equation stating that the price level (P) times the quantity of output (Q) is equal to the Gross Domestic Product.
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