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Chapter 1 Economics definitions

2 words w/o a space - "all other things remain the same"
Reward or penalty that makes you want make a choice.
The fundamental economic problem; because of this we have to make choices.
3 words w/o spaces - Thinking that, "what is good for the parts is good for the whole", but its false.
2 words w/o a space - Inverse relationship
One more unit
2 words w/o a space - a previously incurred and irreversible cost
2 words w/o a space - 2 variables move in the same direction
2 words w/o a space - what you must give up to get an item; not the same for everyone.
3 words w/o spaces - EXAMPLE: "its rained at the zoo so of course that's why I broke my pinky and broke my phone." ; a false assignment of causality based upon the sequence of events.
A social science that studies choices made when confronted by scarcity and incentives.