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12 terms

The Imperfect Microscope: Chapter One Vocabulary

STUDY
PLAY
economics
the social science that deals with the analysis of material problems and how societies allocate scarce resources to satisfy human wants
macroeconomics
the study of aggregated economic activity and forces that determine income level & employment in a society
microeconomics
the study of disaggregated economic activities & how a market economy allocates resources through prices
independent variable
the variable whose value depends on the value of the independent variable in a set of relationships
dependent variable
the variable whose value depends on the value of the independent variable in a set of relationships
inverse
the relationship between independent and dependent variables in which the dependent variable changes in opposite direction of the independent variable
direct
the relationship between the independent and dependent variable in which both variables change in the same direction
normative economics
consists of making judgements about what should be
positive economics
consists of determining what is
hedonism
philosophical school arguing that self-satisfaction is the primary goal of individuals; founded by Jeremy Bentham
homo economicus
"economic person"; supposedly maximized satisfaction and minimized pain by carefully making decisions
homo Communista
Communist man