Flashcards: Economics

the study of human behavior and social organization from a biological perspective

is the portrayal of humans as agents who are consistently rational, narrowly self-interested, and who pursue their subjectivity defined ends optimally.

is the study of production and trade and their relations with law, custom, and government and with the distribution of national income and wealth.

refers to the willingness and ability of consumers to purchase goods at different prices.

fluctuations in economic activity, such as employment and production

is the system of laws of thoughts, developed within the Hegelian and Marxist traditions, which seeks to supplement or replace the laws of formal logic

is used for inferring theorems from axioms according to a set of rules.

Is driven by increases in the various base interest rates controlled by modern central banks or other means, producing growth in the money supply. The goal is to reduce inflation by limiting the amount of the active money in the money supply circulating in the economy.

whatever must be given up to obtain some item.

is a hypothesized process by which people form their expectations about what will happen in the future based on what has happened in the past. (Milton Friedman)

intended for or likely to be understood by only a small number of people with specialized knowledge or interests.

accept something reluctantly but without protest.

the art of speaking or writing effectively, the study of principles and rules of composition formulated by critics of ancient times. B: the study of writing or speaking as a means of communication or persuasion.

in philosophy of science and epistemology, is how to distinguish between science and non-science, pseudoscience, and other products of human activity, like art and literature, and beliefs.

consisting of parts or people that are similar to each other or are of the same type. ex: a homogeneous group or society.

describes the unintended social benefits of an individuals self-interested actions. Adam Smith Wealth of Nations 1787.

Government spending comes from nowhere.

it provides the framework for analyzing money, for example fiat currency can gain acceptance because of its acceptance.

all other things remain equal.

consists of the management of the money supply and interest rates, aimed at achieving macroeconomic objectives such as controlling inflation, consumption, growth and liquidity.

A phrase that describes the use of free market rhetoric in defense of corporate capitalism and economic inequality

an increase in the overall level of prices the in the economy.

in politics polarization can refer to the divergence of political attitudes to ideological extremes

the quality of being characterized by vigorous activity and progress. Historical philosophy

the comparison among producers of a good or service according to their opportunity cost.

the claim that Ceteris Paribus, the quantity demanded of a good falls when the price of a good rises.

the comparison among producers of a good according to their productivity.

represents the total quantity of all good and services demanded by the economy at different price levels

Lesson or weakened (as in amount of force or magnitude

Comes from Latin in meaning "and others"

Ibidem- "in the same place"- used to indicate that a reference is from the same source as a previous reference.

et cetera (plural) unspecified additional items

which means "that is". Introduces a rewording or a clarification. 'the cough may last for a short time period(i.e., three to five days).

which means 'for example'. "Submit an sample of academic writing(e.g., a dissertation chapter).

to produce an effect on someone or something.

a distinction impression

Active behavioral responses imply that CONSUMERS act upon on-line ads and make efforts to approach or avoid them.

relating to or involving iteration, especially of a mathematical or computational process

accept something reluctantly but without protest. permit, allow, agree to

Remarkably or impressively great

is a monetary policy (usually controlled by the central bank)that allows eligible institutions to borrow money from the central bank usually on a short term basis, to meet temporary shortages of liquidity caused by internal or external disruptions

is high-level data which which is aquired by combining individual level data. For instance, the input of an industry is an aggregate of the firms individual outputs within that industry.

relating to or developing from external factors