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Microeconomics
The branch of economics that focuses on the choices made by individual decision-making units in the economy - typically consumers and firms - and the impacts those choices have on individual markets.
Fallacy of False Cause
Reaching the incorrect conclusion that one event causes another because the two events tend to occur together.
Macroeconomics
The branch of economics that focuses on the impact of choices on the total, or aggregate, level of economic activity.
Choice at the Margin
A decision to do a little more or a little less of something, which can lead to extremely useful insights.
Margin
The current level of an activity.
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