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19 Cards in this Set

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  • Back
Fallacy of Composition
The false notion or assumption that what is true for the individual (or part) is necessarily true for the group (whole).
Eight Economic Goals
Economic Growth
Full Employment (willing & able)
Economic Efficiency
Price Stability
Economic Freedom
Equal Distribution of Income
Economic Security
Balance of Trade
Generalizations
Statement of the nature of the relation between two or more sets of facts
Microeconomics
Concerned with such individual units as industries, firms & households and with individual markets, specific goods & services, and product and resource prices.
Macroeconmics
Concerned w/ economy as a whole - w/ measures of the total economy.
Major aggregates: household, business, govt sectors.
Positive Economics
The analysis of facts or data to establish scientific generalizations about economic behavior.
Economics
The social science dealing w/ the use of scarce resources to obtain the maximum satisfaction of society's virtually unlimited economic wants.
Economic Perspective
A viewpoint that envisions individuals and institutions making rational decisions by comparing the marginal benefits marginal costs associated w/ their actions.
Utility
The satisfaction or pleasure a consumer obtains from the consumption of a good(s) or service(s).
Marginal Analysis
The comparison of marginal ("extra" or "additional") benefits and marginal costs, usually for decision making.
Scientific Method
The procedure for the systematic pursuit of knowledge involving the observation of facts and the formulation and testing of hypothesis to obtain theories, principals & laws.
Principals
Statements about economic behavior or the economy that enable prediction of the probable effects of certain actions.
Other-things-equal Assumption
The assumption that factors other than those being considered are held constant.
Policy Economics
The formulation of courses of action to bring about desired economic outcomes or to prevent undesired occurrences.
Tradeoffs
The sacrafice of some or all of one economic goal, good, or service to achieve some other goal, good, or service.
Normative Economics
The part of economics involving value judgements about what the economy should be like; focused on which economic goals & policies should be implemented; policy economics.
Theoretical Economics
The process of deriving & applying economic theories & principals.
Aggregate
A collection of specific economics treated as if they were one unit. "Consumers"
"After this, therefore because of this," fallacy
Post Hoc Fallacy
Event A precedes event B, A is the cause of B.