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Definition of Economics
Terms in this set (5)
Failure of Ceteris Parabus
Failure to account for variables that may not be constant or similar to the proposed argument.
Fallacy of Composition
The incorrect belief that what is true for the individual, or part, must necessarily be true for the group, or the whole.
Post hoc ergo propter hoc Fallacy
A fallacy of reasoning in which one attributes something as a cause simply because it followed (came after) another incident.
The analysis of facts or data to establish scientific generalizations about economic behavior.
The part of economics involving value judgments about what the economy should be like; focused on which economic goals and policies should be implemented; policy economics.
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