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15 Cards in this Set

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