Test 1 Chap 1,2,3,6 Flashcards
A society in which a person’s value is measured by their contribution to society
An organic society
Programs who’s expenditures are determined by the number of people who qualify rather than preset budget allocations
Entitlement programs
An empirical study that relies on observed data that is not obtained from an experimental setup
An observational study
Data that contains information on multiple people at a given point in time
Cross-sectional data
Data that contains information on a single entity at different points in time
Time-series data
Data that consists of information on individual entities at different points in time
Panel data
An observational study that relies on circumstances outside the researchers control to mimic random assignment
Quasi-experimental study. Also known as natural experiments
A type of analysis that compares changes over time in the outcome of the treatment group to changes over the same time period In the control group
Difference-in-difference analysis
A type of analysis that relies on finding some variable that affects entry into the treatment group but in itself is not correlated with the outcome variable
Instrumental variable analysis
A type of analysis that relies on a strict cut off criteria for eligibility of the intervention under study in order to approximate an experimental design
Regression discontinuity analysis
The branch of economic theory concerned with the social desirability of alternative economics states
Welfare economics
A society created by the individual to help them achieve their personal goals
A mechanistic society
An allocation of resources where no person can be made better off without making another person worse off
Pareto efficient
A reallocation of resources that makes at least one person better off without making anyone worse off
Pareto Improvement
The slope of the indifference curve
The marginal rate of substitution
