Economics-The Nature and Method of Economics(CH.1)
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| 293391480 | Economics | the social science concerned with the efficient use of scarce resources to achieve maximum satisfaction of economic wants | |
| 293391481 | Economic perspective | economic way of thinking; a viewpoint that envisions individuals and institutions making rational decisions by comparing the marginal benefits and marginal costs associated with their actions | |
| 293391482 | Marginal Analysis | The comparison of marginal ("extra" or "additional") benefits and marginal costs, usually for decision making | |
| 293391483 | 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 | |
| 293391484 | Theoretical Economics | The process of deriving and applying economic theories and principles | |
| 293391485 | Principles | statements about economic behavior or the economy that enable prediction of the probable effects of certain actions. | |
| 293391486 | Generalizations | Statement of the nature of the relationship between two or more sets of facts | |
| 293391487 | Other things equal assumption | The assumption that factors other than those being considered are held constant | |
| 293391488 | Policy Economics | The formulation of courses of action to bring about desired economic outcomes or to prevent undesired occurrences | |
| 293391489 | Tradeoff | A sacrifice of some or all of one economic goal, good, or service to achieve some other goal, good, or service | |
| 293391490 | 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 | |
| 293391491 | Aggregate | the whole amount | |
| 293391492 | Microeconomics | The 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 | |
| 293391493 | Positive economics | The analysis of facts or data to establish scientific generalizations about economic behavior | |
| 293391494 | 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 | |
| 293391495 | Fallacy of composition | The false notion that what is true for the individual (or part) is necessarily true for the group (or whole) | |
| 293391496 | after this, therefore because of this, fallacy | idea that a thing occurred specifically because of the thing right before it happened. eg. 3rd period caused lunch. not true; post hoc ergo propter hoc | |
| 293391497 | horizontal axis | The "left-right" or "west-east" axis on a graph or grid | |
| 293391498 | vertical axis | The "up-down" or "north-south" axis on a graph or grid | |
| 293391499 | direct relationship | The relationship between two variables that change in the same direction, for example, product price and quality supplied | |
| 293391500 | inverse relationship | The relationship between two variables that change in opposite directions, for example, product price and quantity demanded | |
| 293391501 | independent variable | The variable causing a change in some other (dependent) variable | |
| 293391502 | dependent variable | A variable that changes as a consequence of a change in some other (independent) variable; the "effect" or outcome | |
| 293391503 | slope of a straight line | The ratio of vertical change (the rise or fall) to horizontal change (the run) between any two points on a line. The slope of an upward-sloping line is positive, reflecting a direct relationship between two-variables; the slope of a downward-sloping line is negative, reflecting an inverse relationship between two variables | |
| 293391504 | vertical intercept | The point at which a line meets the vertical axis of a graph | |
| 293897258 | Aggregation | The combining of individual units or data into one unit or number. For example, all prices of individual goods and services are combined into a price level or all units of output are combined into real gross domestic product. | |
| 297904318 | Marginal benefit | the additional benefit to a consumer from consuming one more unit of a good or service | |
| 297904319 | Marginal cost | the additional cost to a firm of producing one more unit of a good or service | |
| 297904320 | Economic growth | 1st economic goal; produce more and better goods and services, or, more simply, develop a higher standard of living | |
| 297904321 | Full employment | 2nd economic goal; provide suitable jobs for all citizens who are willing and able to work | |
| 297904322 | Economic efficiency | 3rd economic goal; achieve the maximum fulfillment of wants using the available productive resources | |
| 297904323 | Price level stability | 4th economic goal; avoid large upswings and downswings in the general price level; that is, avoid inflation and deflation | |
| 297904324 | Economic freedom | 5th economic goal; guarantee that businesses, workers, and consumers have a high degree of freedom in their economic activities | |
| 297904325 | Equitable distribution of income | 6th economic goal; ensure that no group of citizens faces poverty while most others enjoy abundance | |
| 297904326 | Economic security | 7th economic goal; provide for those who are chronically ill, disabled, laid off, aged, or otherwise unable to earn minimal levels of income | |
| 297904327 | Balance of trade | 8th economic goal; seek a reasonable overall balance with the rest of the world in international trade and financial transactions |