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Flashcards - Basic Economic Concepts & Terms

Flashcards - Basic Economic Concepts & Terms
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positive analysis
Positive economics is the branch of economics that concerns the description and explanation of economic phenomena
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normative analysis
Normative economics is a part of economics that expresses value or normative judgments about economic fairness or what the outcome of the economy or goals of public policy ought to be
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allocate resources
In economics, resource allocation is the assignment of available resources to various uses
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consumer choice
The theory of consumer choice is the branch of microeconomics that relates preferences to consumption expenditures and to consumer demand curves
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bias
Bias is an inclination or outlook to present or hold a partial perspective, often accompanied by a refusal to consider the possible merits of alternative points of view
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inflation
In economics, inflation is a sustained increase in the general price level of goods and services in an economy over a period of time
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inflation
In economics, inflation is a sustained increase in the general price level of goods and services in an economy over a period of time
bias
Bias is an inclination or outlook to present or hold a partial perspective, often accompanied by a refusal to consider the possible merits of alternative points of view
consumer choice
The theory of consumer choice is the branch of microeconomics that relates preferences to consumption expenditures and to consumer demand curves
allocate resources
In economics, resource allocation is the assignment of available resources to various uses
normative analysis
Normative economics is a part of economics that expresses value or normative judgments about economic fairness or what the outcome of the economy or goals of public policy ought to be
positive analysis
Positive economics is the branch of economics that concerns the description and explanation of economic phenomena
economic models
In economics, a model is a theoretical construct representing economic processes by a set of variables and a set of logical and/or quantitative relationships between them
economic system
An economic system is a system of production, resource allocation, and distribution of goods and services within a society or a given geographic area
market system
A market system is any systematic process enabling many market players to bid and ask: helping bidders and sellers interact and make deals
microeconomics
Microeconomics is a branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of limited resources
consumer
A consumer is a person or organization that uses economic services or commodities
causation
Causation is the "causal relationship between conduct and result"

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