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| rewards for engaging in particular activity |
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| the study of how people allocate their limited resources to meet their unlimited needs. |
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| things used to produce goods and services to satisfy peoples wants. |
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| what people would buy if their incomes were unlimited |
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| things used to produce goods and services to satisfy peoples wants |
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| the study of decision making undertaken by individuals (households) and by firms |
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| the study of the behavior of the economy as a whole, including such economy wide phenomena as changes in unemployment, the general price level, and national income. |
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| total amounts or quantities; aggregate demand, for example, is total planned expenditures throughout a nation. |
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| the assumption that people do not intentionally make decisions that would leave them worse off. |
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| simplified representations of the real world used as the basis for predictions or explanations. |
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| the assumption that changes except the factor or factors being studied. |
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| relying on real world data in evaluating the usefulness of a model. |
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| An approach to the study of consumer behavior that emphasizes psychological limitations and complications that potentially interfere with rational decision making. |
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| the hypothesis that people are nearly, but not fully, rational, so that they cannot examine every possible choice vailable to them but instead use simple rules of thumb to sort among that alternatives that happen to occur to them. |
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| analysis that is strictly limited to making either purely descriptive statements or scientific predictions; for example, " if A, then B". A statement of what is. |
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| Analysis involving value judgements about economic policies; relates to whether things are good or bad. A statement of what ought to be. |
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| a variable whose value is determined independently of, or outside, the equation under study. |
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| A variable whose value changes according to changes in the value of one or more independent variables. |
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| A relationship between two variables that is positive, meaning that an increase in one variable is associated with an increase in the other and a decrease in one variable is associated with a decrease in the other. |
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| a relationship between two variable that is negative, meaning that an increase in one variable is associated with a decrease in the other and a decrease in one variable is associated with an increase in the other. |
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| a line that can be divided into segments of equal length, each associated with a number, |
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| the vertical axis in a graph |
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| the intersection of x and y |
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| the change in the y value divided by the change in the x value of a curve; the "incline" of the curve. |
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