Review Terms And Concepts (WK1)

Review Terms And Concepts (WK1) - Review Terms And...

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Review Terms And Concepts (WK1) ceteris paribus or  all else equal -  A device used to analyze the relationship between two variables while the values of  other variables are held unchanged. descriptive economics -  The compilation of data that describe phenomena and facts. economic growth  - An increase in the total output of an economy. economic theory  -  A statement or set of related statements about cause and effect, action and reaction. economics -  The study of how individuals and societies choose to use the scarce resources that nature and previous  generations have provided. efficiency -  In economics, allocative efficiency. An efficient economy is one that produces what people want at the least  possible cost. efficient market (No Free Lunch)  -  A market in which profit opportunities are eliminated almost instantaneously. empirical economics - 
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Review Terms And Concepts (WK1) - Review Terms And...

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