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