Economic methodology Flashcards
1
Q
Why is economics a social science
A
It is concerned with the behaviour of people
2
Q
Why is economics empirical, making it similar to a natural science
A
- It employs a scientific method in understanding the behaviour of people
- e.g. hypothesis and tests
3
Q
What is the difference between positive and normative statements
A
- Positive statements can be tested
- Normative statements are opinions
