Chapter summary 3.Economists use different models to examine different issues. 4.Models with flexible prices describe the economy in the long run;models with sticky prices describe economy in the short run. 5.Macroeconomic events and performance arise from many microeconomic transactions,so macroeconomics uses many of the tools of microeconomics. End CHAPTER 1 The Science of Macroeconomics slide 29 CHAPTER 1 The Science of Macroeconomics slide 29 Chapter summary 3. Economists use different models to examine different issues. 4. Models with flexible prices describe the economy in the long run; models with sticky prices describe economy in the short run. 5. Macroeconomic events and performance arise from many microeconomic transactions, so macroeconomics uses many of the tools of microeconomics. 5 End