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scarcity
the fundamental economic problem of having seemingly unlimited human needs and wants, in a world of limited resources. TERM 2
economic goods
DEFINITION 2 a good that is scarce relative to the amount of it that is desired. It must therefore be rationed, usually by charging a positive price. TERM 3
economic efficiency
DEFINITION 3 absence of waste, or the use of economic resources that produces the maximum level of satisfaction possible with the given inputs and technology TERM 4
microeconomics
DEFINITION 4 is a branch of economics that studies how the individual parts of the economy, the household and the firms, make decisions to allocate limited resources, typically in markets where goods or services are being bought and sold. TERM 5
Macroeconomics
DEFINITION 5 is a branch of economics that deals with the performance, structure, behavior and decision-making of the entire economy, be that a national, regional, or the global economy.
post hoc fallacy
Post hoc ergo propter hoc, Latin for "after this, therefore because of this", is a logical fallacy (of the questionable cause variety) which states, "Since that event followed this one, that event must have been caused by this one." TERM 7
fallacy of
composition
DEFINITION 7 arises when one infers that something is true of the whole from the fact that it is true of some part of the whole (or even of every proper part). TERM 8
market economy
DEFINITION 8 A market economy is economy based on the power of division of labor in which the prices of goods and services are determined in a free price system set by supply and demand. what, how, and for whom TERM 9
laissez-faire
DEFINITION 9 allowing industry to be free from state intervention, especially restrictions in the form of tariffs and government monopolies. TERM 10
command economy
DEFINITION 10 is an economic system in which the state or workers' councils manage the economy.
productive efficiency
occurs when the economy is utilizing all of its resources, and operating at its production possibility frontier (PPF). TERM 17
economics
DEFINITION 17 the study of how societies use scarce resources to produce valuable commodities and distribute them among different people
