Econo

Question 1

A method of inquiry from identifying a problem, proposing alternative tentative answers or hypotheses, testing the tentative answers to question or problems at hand, gathering and treating the data, and answering the question through the conclusion.

Answer 1

Scientific method

Question 2

This is a statement that answers what is in economics. It is important because it allows us to test the statement with the data and which relies on objective analysis of data.

Answer 2

Positive economics vs Normative economics

Question 3

To have a distinction between the two, we will have example to elaborate

Answer 3

Positive economics vs Normative economics analysis

Question 4

Refers to “what ought to be” or “what should be”. “It conveys values, opinions and judgments about the effects brought by economic practices if there are modifications in the public policies”. Normative economic statements can’t be tested because it is just a mere opinion.

Answer 4

Normative economics