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5 Cards in this Set
- Front
- Back
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opportunity cost
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the ___________ of some decision is the value of the next best alternative that must be given up because of that decision (for example, working instead of going to school).
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abstraction
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means ignoring many details so as to focus on the most important elements of a problem.
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theory
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a deliberate simplification of relationships used to explain how those relationships work.
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correlated
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two variables are said to be ________ if they tend to go up or down together. This need not imply causation.
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economic model
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a simplified, small-scale version of some aspect of the economy. These are often expressed in equations, by graphs, or in words.
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