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6 Cards in this Set

  • Front
  • Back
Definition of Economics
Discipline that studies the allocation of scarce resources to consumers with unlimited wants and desires
Scarcity question/ over consumption
All resources are scarce. No such thing as over consumption in an economists eyes.
Resource allocation methods
-*Market Price*
-Majority Rule
-First come, first served
-Sharing Equally
-Personal Characteristics
Free economic good
A good that is theoretically available to everone at $0 cost. (seawater, sunlight) Actually there is no such thing.
Post Hoc Fallacy
"after this, therefore because of this" the error of reasoning that a first event causes a second event; because the first occurs before the second
Fallacy of Consumption
false statement - what is true for the parts is true for the whole and visa versa.