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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.

Positive statements

Attempt to describe the world as it is

NORMATIVE statements

Attempt to prescribe how the world should be

a belief or judgment that rests on grounds of insufficient fact for completed certainty

Empirical Approach

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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