Economic Methodology Flashcards
1
Q
What is micro economics
A
branch of economics that studies how households(consumers) and firms reach decisions about purchasing, saving, setting prices, competition etc
2
Q
Positive statement
A
a statement that can be verified true or false (based in evidence, can be tested- so can decide whether true or false
3
Q
Normative statement
A
an opinion, a viewpoint that others may agree or disagree with
4
Q
Value judgement + additional fact about VJ
A
an assessment of something being good or bad
(all value judgements will be normative but not all normative statements are value judgements)
