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5 Cards in this Set

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Economic Mode:
A description of some aspect of the economic world that includes only those features that are needed for the purpose at hand.
Ecoonomic Theory:
A generalization that summarizes what we understand about the economic choiceds that people make and the economic performace of industreis and nations based on models that have repeatedly passed the test of corresponding well with real--world data.
Ceteris paribus:
Other things remaining the same or cet par.
Correlation:
The tendency for the values of two variables to move in a predictable adn related way.
Post hoc fallacy:
The error of reasoining that a first event causes a second event because the first occured before the second.