Introduction To Economics
Terms in this set (13)
Social science that studies individual and collective decisions about the production, the distribution and use of scarce (limited) resources
Scarcity of resources
Tension between limited resources and unlimited human needs, that forces people to prioritize wants, and to be selective and rational in buying goods and services.
A Simplified representation of reality, which retains only a few data to identify causal links between them. It is asystem or process is a theoretical description that can help you understand how a system or process works, or how it might work.
Causality vs. Correlation
Causality= thing A is the reason why thing B occurred
Vs. Correlation= two things happen around the same time or simultaneous variation occurred between them
Facts, figures, and other evidence gathered through observations.
A belief or statement taken for granted without proof.
Attempt to describe the world as it is
Attempt to prescribe how the world should be
a belief or judgment that rests on grounds of insufficient fact for completed certainty
A study conducted via careful observations and scientifically based research.
proof that something is true
evidence-based theroy or policy
Theory or policy that have been scientifically tested and are based on social science research.
decisions and actions adopted or proposed by a government, party, or a business
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