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| 197958469 | economics | the social science dealing with the use of scarce resources to obtain the maximum satisfaction of society's virtually unlimited economic wants. | |
| 197958470 | economic perspective | a viewpoint that envisions individuals and institutions making rational decisions by comparing the marginal benefits and marginal costs associated with their actions | |
| 197958471 | utility | the want-satisfying power of a good or service; the satisfaction or pleasure a consumer obtains from the consumption of a good or service (or from the consumption of a collection of goods and services). | |
| 197958472 | marginal analysis | the comparison of marginal ("extra" or "additional") benefits and marginal costs, usually for decision making. | |
| 197958473 | scientific method | the 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. | |
| 197958474 | theoretical economics | the process of deriving and applying economic theories and principles. | |
| 197958475 | principles | a fundamental, primary, or general law or truth from which others are derived. | |
| 197958476 | generalizations | statement of the nature of the relationship between two or more sets of facts. | |
| 197958477 | other-things-equal assumption | the assumption that factors other than those being considered are held constant. | |
| 197958478 | policy economics | the formulation of courses of action to bring about desired economic outcomes or to prevent undesired occurrences. | |
| 197958479 | tradeoffs | the sacrifice of some or all of one economic goal, good, or service to achieve some other goal, good, or service. | |
| 197958480 | macroeconomics | the part of economics concerned with the economy as a whole; with such major aggregates as the house-hold, business, and government sectors; and with measures of the total economy. | |
| 197958481 | aggregate | the combining of individual units or data into one unit or number. | |
| 197958482 | microeconomics | the part of economics concerned with such individual units as industries, firm, and households and with individual markets, specific goods and services, and product and resource prices. | |
| 197958483 | positive economics | the formulation of courses of action to bring about desired economic outcomes or to prevent undesired occurrences. | |
| 197958484 | normative economics | the 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. | |
| 197958485 | fallacy of composition | the false notion that what is true for the individual (or part) is necessarily true for the group (or whole). | |
| 197958486 | "after this, therefore because of this," fallacy | the false belief that when one event precedes another, the first event must have caused the second event. |
