For Ms. Robinson's AP Economics class (MHS)
Terms : Hide Images
| 911554460 | Economics | Social science concerned with the efficient use of scarce resources to achieve the maximum satisfaction of economic wants | |
| 911554461 | Economic Perspective | economic way of thinking | |
| 911554462 | Utility | pleasure, happiness, or satisfaction | |
| 911554463 | Marginal Analysis | comparison of marginal benefits and marginal costs | |
| 911554464 | Scientific Method | procedure for the systematic pursuit of knowledge involving the observation of facts and the formulation and testing of hypotheses to obtain theories, principles, and laws | |
| 911554465 | Theoretical Economics | process of deriving and applying economic theories and principles | |
| 911554466 | Principles | statements about economic behavior or the economy that enable prediction of the probable effects of certain actions | |
| 911554467 | Generalizations | statement of the nature of the relationship between two or more sets of facts | |
| 911554468 | Other-Things-Equal Assumption | assumption that factors other than those being considered are held constant | |
| 911554469 | Policy Economics | formulation of courses of action to bring about desired economic outcomes or to prevent undesired ocurrences | |
| 911554470 | Tradeoffs | sacrifice of some or all of one economic goal, good or service to achieve some other goal, good or service | |
| 911554471 | Macroeconomics | part of economics concerned with the economy as a whole; with such major aggregates as the household, business, and government sectors; and with measures of the total economy | |
| 911554472 | Aggregate | collection of specific economic units treated as if they were one unit | |
| 911554473 | Microeconomics | part of economics concerned with such individual units as industries, firms, and households and with individual markets, specific goods and services, and product and resource prices | |
| 911554474 | Positive Economics | analysis of factors or data to establish scientific generalizations about economic behavior | |
| 911554475 | Normative Economics | part of economics involving value judgments about what the economy should be like; focused on which economic goals and policies should be implemented; policy economics | |
| 911554476 | Fallacy of Composition | false notion that what is true for the individual (or part) is necessarily true for the group (or whole) | |
| 911554477 | "After this, therefore because of this," Fallcy | believing that because one event (A) preceded another (B), that the second event (B) was caused by the first (A) |
