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19 Cards in this Set
- Front
- Back
Fallacy of Composition
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The false notion or assumption that what is true for the individual (or part) is necessarily true for the group (whole).
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Eight Economic Goals
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Economic Growth
Full Employment (willing & able) Economic Efficiency Price Stability Economic Freedom Equal Distribution of Income Economic Security Balance of Trade |
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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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Microeconomics
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Concerned with such individual units as industries, firms & households and with individual markets, specific goods & services, and product and resource prices.
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Macroeconmics
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Concerned w/ economy as a whole - w/ measures of the total economy.
Major aggregates: household, business, govt sectors. |
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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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Economics
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The social science dealing w/ the use of scarce resources to obtain the maximum satisfaction of society's virtually unlimited economic wants.
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Economic Perspective
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A viewpoint that envisions individuals and institutions making rational decisions by comparing the marginal benefits marginal costs associated w/ their actions.
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Utility
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The satisfaction or pleasure a consumer obtains from the consumption of a good(s) or service(s).
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Marginal Analysis
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The comparison of marginal ("extra" or "additional") benefits and marginal costs, usually for decision making.
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Scientific Method
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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.
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Principals
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Statements about economic behavior or the economy that enable prediction of the probable effects of certain actions.
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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 undesired occurrences.
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Tradeoffs
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The sacrafice of some or all of one economic goal, good, or service to achieve some other goal, good, or service.
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Normative Economics
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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.
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Theoretical Economics
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The process of deriving & applying economic theories & principals.
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Aggregate
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A collection of specific economics treated as if they were one unit. "Consumers"
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"After this, therefore because of this," fallacy
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Post Hoc Fallacy
Event A precedes event B, A is the cause of B. |