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Definition
| Social science that examines how people choose among 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 ise does not require that another be given up |
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| The value of the best alternative forgone in making any choice |
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Definition
| 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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Definition
| The branch of econ that focuses on the choices made by consimers and cirms and the impacts those choices have on individual markets |
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Definition
| The branch of econ that focuses on the impact of choices on the total, or aggregate, level of economic activity |
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Term
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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
| An assertion of a relationship between two or more variables that could be proven false |
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Definition
| A hypothesis that has not been rejected after widespread testing and that wins general acceptance |
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| A theory that has been subjected to even more testing and that has won virtually universal acceptance |
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| A set of simplifying assumptions about some aspect of the real world |
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Definition
| A Latin phrase that means, "all other things unchanged" |
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Term
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Definition
| A variable that responds to change |
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Term
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Definition
| A variable that induces change |
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Term
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Definition
| The incorrect assumption that one event causes another because the two events tend to occur together |
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Term
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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 judgement |
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