Introduction to the Foundations of Economics

A set of vocabulary flashcards based on the introductory lecture on the Foundations of Economics, focusing on the law of unintended consequences and the distinction between primary and secondary effects.

Law of unintended consequences

A principle stating that whenever a legal law is passed, it will have significant negative consequences that were not anticipated by those who passed it.

Primary effect

The intended effect or goal of a specific policy, such as mandating helmets to reduce concussions.

Secondary effect

How individuals who are affected by a policy or law change their behavior in response to that change.

Foundations of Economics

The title of Chapter 1, which introduces the core conceptual frameworks of the course.

Brutal Rugby Hits 3 by Dolls Living

The specific YouTube video used as a case study to show how rugby players tackle without the use of pads.

The biggest football hits ever by the highlight factory

A YouTube video referenced to compare the high-impact, head-to-head tackling style used in football to the style used in rugby.

Spearing

A tackling behavior where players use their helmets to strike opponents, an action more common when players believe they are protected by gear.

Rent control law

An economic policy mentioned as an example, intended to make housing more affordable in areas like Marietta or Kennesaw.

Tariffs

Taxes on imports; a policy mentioned in the context of plans by Donald Trump and Bernie Sanders to help U.S. workers.

Minimum wage law

A regulation that raises the legal floor for pay, used in the lecture to illustrate how intended benefits for the poor may have unintended secondary effects.