An Intro To Econ Flashcards
1
Q
Economics is
A
A social science
2
Q
Economic decisions
A
Might not always make the most economic sense
3
Q
How many kinds of economic statements are there?
A
2
Positive statement
Normative statements
4
Q
Positive statements
A
Are objective statements that can be tested by referring to available evidence.
5
Q
Normative statement
A
Subjective statements which contain value judgement (opinions)
