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5 Cards in this Set

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opportunity cost
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).
abstraction
means ignoring many details so as to focus on the most important elements of a problem.
theory
a deliberate simplification of relationships used to explain how those relationships work.
correlated
two variables are said to be ________ if they tend to go up or down together. This need not imply causation.
economic model
a simplified, small-scale version of some aspect of the economy. These are often expressed in equations, by graphs, or in words.