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@@ -19,7 +19,7 @@ B) Welfare Definition by Alfred Marshall.
C) Scarcity Definition by Robbins.
D) Growth Defintion by Samuelson.
Nature A) Economics as a Science Positive (what is, based on data and logic) Normative (what ought to be, opinions, judgements) B) Economics as an Art Pure (what ought to be, ideals and goals) Applied (real world, how to implement) A) Described Economics as a Science Focuses on laws and cause-and-effect relationships (e.g Law of Demand). Models to predict economic outcomes. Data analysis, observation, hypothesis. Real-world evidence. Deductive and Inductive reasoning. Limitaion: Human behaviour involved. Methods A) Inductive (specific -> general).
B) Deductive (general -> specific)."><meta itemprop=wordCount content="169"><meta itemprop=keywords content="S1,ET DCM1107"><link rel=stylesheet href=/css/custom.css><script>(function(){var e=localStorage.getItem("theme");e&&document.documentElement.setAttribute("data-theme",e),localStorage.getItem("f4_username")==="hyzen"&&document.documentElement.classList.add("hyzen-user")})()</script><script async src=https://plausible.freedoms4.org/js/pa-5BKl0z0RLzwrclKq4y-qk.js></script><script>(window.plausible=window.plausible||function(){(plausible.q=plausible.q||[]).push(arguments)},plausible.init=plausible.init||function(e){plausible.o=e||{}}),plausible.init()</script></head><body class=body><header class=header><div class=brand><img src=/logo.png alt="Freedoms4 logo"><h1>Freedoms4</h1><div class=brand__actions><button class=theme-toggle id=theme-toggle aria-label="Toggle theme" title="Toggle dark/light mode">
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