Economic Methodology Flashcards
1
Q
Is economic methodology a social science?
A
Yes
2
Q
Is social science subject to personal prejudice and based on opinion?
A
Yes
3
Q
What does Ceteris Paribus mean?
A
‘All other factors remain the same’
4
Q
What are positive statements?
A
Statements that can be proved- Quantitative
5
Q
What are normative statements?
A
Statements that are based upon opinions- Qualitative
6
Q
What is an opportunity cost?
A
The next best alternative that is given up/foregone
