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Definition
| A social science that examines how people choose among the alternatives available to them. |
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| The condition of having to choose among alternatives. |
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| A good for which the choice of one alternative requires that another be given up. |
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| A good for which the choice of one use does not require that another be given up. |
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| The value of the best alternative foregone in making any choice. |
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| The current level of an activity. |
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| A decision to do a little more or a little less of something. |
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| The branch of economics that focuses on the choices made by consumers & firms & the impacts those choices have on individual markets. |
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| The branch of economics that focuses on the impact of choices on the total, or aggregate, level of economic activity. |
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Definition
| Something whose value can change. |
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| Something whose value does not change. |
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| A systematic set of procedures through which knowledge is created. |
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Definition
| A theory that has been subjected to even more testing & that has won virtually universal acceptance. |
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| A hypothesis that has not been rejected after widespread testing and that wins general acceptance. |
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| A set of simplifying assumptions about some aspect of the real world. |
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| A Latin phrase that means “all other things unchanged.” |
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| The variable that responds to the change. |
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Definition
| The variable that induces a change. |
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| The incorrect assumption that one event causes another because the two events tend to occur together. |
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Definition
| A statement of fact or a hypothesis. |
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Term
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Definition
| A statement that makes a value judgment. |
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