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18 Cards in this Set

  • Front
  • Back
The social science concerned with the efficient use of limited or scarce resources to acheive maximum satisfaction of human material wants.
economic perspective
economic way of thinking
marginal analysis
comparisons of marginal benefits and marginal costs.
theoretical economics
economic analysis
A method of reasoning which proceeds from facts to generalization.
A method of reasoning which first develops a hypothesis and then tests the hypothesis with economic facts.
Meaningful statements about economic behavior or the economy.
Statement of the nature of the relation between two or more sets of facts.
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 undesire or occurences.
The sacrifice of some or all of one economic goal, good,or service to achieve some other goal, good, or service.
The part of economics concerned with the economy as a whole; with such major aggregates as the household, business, and governmental sectors; and with measures of the total economy.
A collection of specific economic units treated as if they were one unit
The part of economics concerned with such individula units as industries, firms, and households; and with individual markets, particular prices, and specific goods and services.
positive economics
The analysis of facts or data to establish scientific generalizations about economic behavior.
normative economics
The part of econmics involving value judgements about what the economy should be like; concerned with identifying economic goals and promoting them via public policies.
fallacy of composition
Incorrectly reasoning that what is true for the individual (or part) is necessarily true for the group (or whole).
"after this, therefor because of this" fallacy
A kind of faulty reasoning that says that if event A precedes event B, A is the cause of B.