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15 Cards in this Set
- Front
- Back
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Economics?
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The social science of efficiently using scarce resources to achieve the maximum satisfaction of society's wants and needs.
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Marginal Analysis?
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Comparison of Marginal Benefits and Costs
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Why are there marginal costs?
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Scarce Resources make it so that to get one thing, you must forgo getting something else that may havemore or less value.
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Mr. Economics?
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John Maynard Keynes
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Theoretical Economics
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Role of economic theorizing is to systematically arrange facts, interpret them, and generalize from them.
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Scientific Method is used to establish what 3 things?
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Theories, Laws, Principles
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Policy economics
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Action based on economic principles (theories) and intended to resolve specific economic problems or further goals
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3 steps of economic policy
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1) State the goal.
2) Determine the policy options 3) Implement and evaluate the policy selected. |
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What are the 8 economic goals?
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1) Full employment
2) Economic efficiency 3) Economic growth 4) Economic Security 5) Economic Freedom 6) Balance of trade 7) Price-level stability 8) Equitable distribution of income |
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Postive economics?
Normative economics? |
P = Factual Statements (Theoretical)
N = Value Statements (Morals/ Policy) |
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Fallacy of Composition
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The false notion that what is true for the individual is true for all.
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Post Foc Fallacy
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After this, therefore because of this.
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Correlation
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Two events are associated but not neccesarily cause and effect.
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Induction
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When economic principles or theories are derived from factual evidence
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Deduction
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Development of Economic Hypothesis thru institution, insight, or logic
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