4.1 - 1.1 Economic Methodology Flashcards
1
Q
What is economics?
A
A social science
2
Q
Positive statements
A
A statement of a fact that can be scientifically tested to see if it is correct or incorrect.
3
Q
Normative statements
A
A statement that includes value judgement values and views. As opinion differs, these cannot be scientifically tested.
4
Q
Value Judgements
A
To do with personal judgements, views and opinions.
5
Q
Positive economics
A
Concerned over what is and what will happen if a certain action is taken or not.
6
Q
Normative economics
A
Concerned with what should or ought to be.
