Intro To Economics
- Created by: laranisbet
- Created on: 19-01-22 21:40
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- Introduction To Economics
- Economics Is A Social Science
- Looks at the behaviuor of humans as individuals or part of organsiations and looks at their uses of scarce resources.
- As it can't be tested in a lab in a controlled environment economists use the idea of 'ceteris paribus' latin for 'all things remaining equal' .
- Use it to jusge the relationship between two factors e.g. Price & Demand so they will assume that only these two factors change as other variables changing would alter results
- Allows economists to make predictions and make theories & models
- As it can't be tested in a lab in a controlled environment economists use the idea of 'ceteris paribus' latin for 'all things remaining equal' .
- Use it to jusge the relationship between two factors e.g. Price & Demand so they will assume that only these two factors change as other variables changing would alter results
- Allows economists to make predictions and make theories & models
- Allows economists to make predictions and make theories & models
- Use it to jusge the relationship between two factors e.g. Price & Demand so they will assume that only these two factors change as other variables changing would alter results
- As it can't be tested in a lab in a controlled environment economists use the idea of 'ceteris paribus' latin for 'all things remaining equal' .
- Allows economists to make predictions and make theories & models
- Use it to jusge the relationship between two factors e.g. Price & Demand so they will assume that only these two factors change as other variables changing would alter results
- Economic decisons may not always make the most Economic Sense.
- Often decisions are based on opinions and judgements.
- Normative Statements - opinions
- Moral views and value jusdgements.
- Normative Statements - opinions
- Positive Statements - objective statements that can be proven by using data
- Political Judgements- Government may make decisons to get votes e.g. conservative party lower taxes
- Short-Term Positive Consequenc-es Chose decisions without thinking long term e.g. tax cuts earn votes but long term mean less spending (austerity)
- Short-Term Positive Consequenc-es Chose decisions without thinking long term e.g. tax cuts earn votes but long term mean less spending (austerity)
- Often decisions are based on opinions and judgements.
- Economics Is A Social Science
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