1fallacy of composition
incorrect belief that what's true for the indivudal is true for the group
2fallacy that association is causation
incorrect belief that if two variables happen at about the same time, one causes the other
3sample selection bias
using the statistical analysis of a small part of a population to predict the behavior of the entire population
4faulty ceteris paribus
assuming certain variables are constant when they really aren't
5equally possible conflicting explanations
when two or more theories explain measurements equally well
6income effect
____ is the change in quantity demanded of a good or service caused by a change in real income (purchasing power).
7substitution effect
___ is the change in quantity demanded of a good or service caused by a change in its price relative to substitutes.
8utility
___ is the satisfaction or pleasure derived from consumption of a good or service.
9total utility
____ is the total level of satisfaction derived from all units of a good or service consumed.