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15 Cards in this Set
- Front
- Back
"after this, therefore because of the" fallacy
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logical fallacy that because event A precedes event B, A is the cause of B
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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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economic perspective
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economic way of thinking that encompasses scientific method and marginal analysis
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economics
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the social science concerned with the efficient use of scarce resources to achieve the maximum satisfaction of economic wants
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fallacy of composition
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logical fallacy that what is true for one individual or part of a whole is neccessarily true for a group of individuals or the whole
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generalization
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statement of the nature of the relationship between two or more sets of facts
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macroeconomics
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examination of either the economy as a whole or its basic subdivisions or aggregates, such as the government, household, and business sectors
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marginal analysis
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the comparison of marginal (extra or additional) costs and benefits as a tool for decision making
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microeconomics
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examination of specific economic units
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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 and policies should be implemented; policy economics
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other-things-equal assumption
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the assumption that all other variables except those under immediate consideration are held constant for a particular analysis
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policy economics
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uses theories and data to formulate policies - courses of action based on economic principles and intended to resolve a specific economic problem or further an economic goal
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positive economics
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focuses on facts and cause and effect relationships, includes description, theory development, and theory testing
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principle
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statement about economic behavior or the economy that enables prediction of the probable effects of certain actions
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theoretical economics
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deriving theories and principles by systematically arranging facts, interpreting them, and generalizing from them
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