# Unit 1 on Freedoms4

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# Unit 1

https://freedoms4.org/uninotes/s1/et-dcm1107/unit1/live/ Mon, 01 Jan 0001 00:00:00 +0000 your-email@example.com (Freedoms4)https://freedoms4.org/uninotes/s1/et-dcm1107/unit1/live/<h3 class="heading" id="april-5-2026"> <em><strong>April 5, 2026</strong></em><span class="heading__anchor"> <a href="#april-5-2026">#</a></span> </h3><h2 class="heading" id="course-objectives"> Course Objectives<span class="heading__anchor"> <a href="#course-objectives">#</a></span> </h2><p>A) Develop analytical skills for interpreting consumer decision-making and market behaviour using economic tools.<br> B) Examine cost and revenue structures of firms.</p> <h2 class="heading" id="definition-of-economics-by-various-individuals"> Definition of Economics by various individuals<span class="heading__anchor"> <a href="#definition-of-economics-by-various-individuals">#</a></span> </h2><p>A) Wealth Definition by Adam Smith.<br> B) Welfare Definition by Alfred Marshall.<br> C) Scarcity Definition by Robbins.<br> D) Growth Defintion by Samuelson.</p> <h2 class="heading" id="nature"> Nature<span class="heading__anchor"> <a href="#nature">#</a></span> </h2><h3 class="heading" id="a-economics-as-a-science"> A) Economics as a Science<span class="heading__anchor"> <a href="#a-economics-as-a-science">#</a></span> </h3><ol> <li>Positive (what is, based on data and logic)</li> <li>Normative (what ought to be, opinions, judgements)</li> </ol> <h3 class="heading" id="b-economics-as-an-art"> B) Economics as an Art<span class="heading__anchor"> <a href="#b-economics-as-an-art">#</a></span> </h3><ol> <li>Pure (what ought to be, ideals and goals)</li> <li>Applied (real world, how to implement)</li> </ol> <h3 class="heading" id="a-described-economics-as-a-science"> A) Described Economics as a Science<span class="heading__anchor"> <a href="#a-described-economics-as-a-science">#</a></span> </h3><ol> <li>Focuses on laws and cause-and-effect relationships (e.g Law of Demand).</li> <li>Models to predict economic outcomes.</li> <li>Data analysis, observation, hypothesis.</li> <li>Real-world evidence.</li> <li>Deductive and Inductive reasoning.</li> </ol> <ul> <li>Limitaion: Human behaviour involved.</li> </ul> <h2 class="heading" id="methods"> Methods<span class="heading__anchor"> <a href="#methods">#</a></span> </h2><p>A) Inductive (specific -&gt; general).<br> B) Deductive (general -&gt; specific).</p>