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18 Cards in this Set
- Front
- Back
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economics
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The social science concerned with the efficient use of limited or scarce resources to acheive maximum satisfaction of human material wants.
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economic perspective
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economic way of thinking
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marginal analysis
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comparisons of marginal benefits and marginal costs.
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theoretical economics
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economic analysis
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induction
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A method of reasoning which proceeds from facts to generalization.
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deduction
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A method of reasoning which first develops a hypothesis and then tests the hypothesis with economic facts.
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Principles
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Meaningful statements about economic behavior or the economy.
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Generalizations
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Statement of the nature of the relation between two or more sets of facts.
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Other things equal assumption
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The assumption that factors other than those being considered are held constant.
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Policy economics
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The formulation of courses of action to bring about desired economic outcomes or to prevent undesire or occurences.
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tradeoffs
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The sacrifice of some or all of one economic goal, good,or service to achieve some other goal, good, or service.
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macroeconomics
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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.
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aggregate
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A collection of specific economic units treated as if they were one unit
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microeconomics
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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.
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positive economics
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The analysis of facts or data to establish scientific generalizations about economic behavior.
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normative economics
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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.
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fallacy of composition
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Incorrectly reasoning that what is true for the individual (or part) is necessarily true for the group (or whole).
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"after this, therefor because of this" fallacy
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A kind of faulty reasoning that says that if event A precedes event B, A is the cause of B.
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