1.2 - How do economists approach the world? Flashcards
1
Q
normative
A
statements based on opinions
2
Q
positive
A
Fact-based economic statements that can be verified
3
Q
What is empirical evidence?
A
Information obtained through observing behaviour, patterns and experiments
4
Q
What is refutation
A
to contradict something, disaprove it or show it to be false.
