Pitfalls of Studying Economics

Vocabulary flashcards covering the pitfalls of studying economics and dual terminology.

Pitfalls

Duplications and alternative ways of analyzing economic problems that appear when a subject is $250$ years old, described as bumps and holes in the road of learning that can be avoided by knowing where they are located.

Dual Terminology

One word with more than one definition or two words or phrases with the same definition.

Five Pitfalls of Economics

The five common pitfalls listed in economics: Dual Terminology, Economic Quackery, After this because of this fallacy, Fallacy of Composition, and Fallacy of Expectations.

Cost (Average Person Meaning)

The price of a good (for example, saying something costs \\text{\\$20} generally means its price is \\text{\\$20}).

Cost (Economist Meaning)

The cost of the resources to make a good, representing how much it costs to make the good in wages, rent, interest, and profit.