Term
| ingredients to economic decision |
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Definition
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Term
| mechanisms used deal with scarcity |
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Definition
| force, tradition, authority, market, combination of all |
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Term
| eight economic guidelines |
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Definition
| there will always be tradeoffs, individual's chose purposefully, incentives matter, individuals think on a margin, more information leads to better choices, secondary effects, value is subjective, good theories predict good behavior |
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Term
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Definition
| the value of first alternative |
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Term
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Definition
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Term
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Definition
| statement based on opinion |
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Term
| pitfalls to economic thinking |
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Definition
| violation of ceteris paribus, good intentions do not lead to good outcomes, association is not causation, fallacy of composition |
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|
Term
|
Definition
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|
Term
| ingredients to economic decision |
|
Definition
|
|
Term
| mechanisms used deal with scarcity |
|
Definition
| force, tradition, authority, market, combination of all |
|
|
Term
| eight economic guidelines |
|
Definition
| there will always be tradeoffs, individual's chose purposefully, incentives matter, individuals think on a margin, more information leads to better choices, secondary effects, value is subjective, good theories predict good behavior |
|
|
Term
|
Definition
| the value of first alternative |
|
|
Term
|
Definition
|
|
Term
|
Definition
| statement based on opinion |
|
|
Term
| pitfalls to economic thinking |
|
Definition
| violation of ceteris paribus, good intentions do not lead to good outcomes, association is not causation, fallacy of composition |
|
|
Term
|
Definition
|
|
