Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
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*
-Command -Majority Rule -Contest -First come, first served -Sharing Equally -Lottery -Personal Characteristics -Force |
|
|
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.
|
