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13 Cards in this Set

  • Front
  • Back
aggregates
total amounts or quantities.
Ceteris Paribus
the assumption that nothing changes ecvept the factor being studies
economics
the study of how people allocate their limited resources to satisfy their unlimited wants
empirical
relying on real world data in evaluating the usefulness of a model.
incentives
rewards for engaging in a particular activity
macroeconomics
the study of the behavior of the economy as a whole.
microeconomics
the study of decision making understaken by individuals and by firms
models or theories
simplified representations of the real world used as the basis for presictions or explanations
normative economics
involving value judgements about economic policies. relates to whether things are good or bad. WHAT OUGHT TO BE
positive economics
limited to making either purely descriptive statements or scientific predictions. "if A then B". WHAT IS
rationality assumption
assumption that people do not intentionally make bad decisions
resources
things used to produce other things to satisfy people's wants
wants
what people would buy if their incomes were unlimited