1.1.1 Economic Methodology 0.0 / 5 ? EconomicsEconomic MethodologyASAQA Created by: EconomicsA-levelResourcesCreated on: 22-01-21 12:00 What is Economics? It's a study of how humans make decisions when they face scarcity. 1 of 6 What are the different types of decisions? Individual, Family, Business and Societal 2 of 6 What are decisions economic agents make based on? Political Judgement, Short-term Outcomes, Moral Judgements and Normative Statements. 3 of 6 What is Scarcity? This is where our wants and needs are greater than the amount of available resources. 4 of 6 What are Positive Statements? - They describe the world as it is. - They are objective statements that can be proved. 5 of 6 What are Normative Statements? - They describe how the world should be. - They are opinions that contain value judgements. 6 of 6
Government economic policy objectives and indicators of national economic performances DEFINITIONS 0.0 / 5
Comments
No comments have yet been made