Terms : Hide Images
| 592526442 | economics | The social science dealing with the use of scarce resources to obtain the maximum satisfaction of society's virtually unlimited economic wants. | |
| 592526443 | microeconomics | The part of economics concerned with such individual units such as industries, firms, and households and with individual markets, specific goods and services, and product and resource prices. | |
| 592526444 | macroeconomics | The 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 | |
| 592526445 | marginal analysis | the comparison of marginal ("extra" or "additional") benefits and marginal costs, usually for decision making | |
| 592526446 | ceteris paribus (other-things-equal) assumption | The assumption that factors other than those being considered are held constant | |
| 592526447 | policy economics | The formulation of courses of action to bring about desired economic outcomes or to prevent undesired occurrences | |
| 592526448 | trade-offs | The sacrifice of some or all of one economic goal, good, or service to achieve some other goal, good, or service | |
| 592526449 | positive economics | The analysis of facts or data to establish scientific generalizations about economic behavior | |
| 592526450 | 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 | |
| 592526451 | fallacy of composition | The false notion that what is true for the individual (or part) isn't necessarily true for the whole group (or whole) | |
| 592526452 | post hoc, ergo propter hoc (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 | |
| 592526453 | nirvana fallacy | The logical error of comparing actual things with unrealistic, idealized alternatives. It can also refer to the tendency to assume that there is a perfect solution to a particular problem. A closely related concept is the perfect solution fallacy. | |
| 592526454 | dependent variable | A variable that changes as a consequence of a change in some other (independent) variable; the "effect" or outcome | |
| 592526455 | independent variable | The variable causing a change in some other (dependent) variable | |
| 592526456 | direct relationship | The relationship between two variables that change in the same direction, for example, product price and quantity supplied | |
| 592526457 | inverse relationship | The relationship between two variables that change in opposite directions, for example, product price and quality demanded | |
| 592526458 | vertical intercept | The point at which a line meets the vertical axis of a graph |
