Update: et-dcm1107-unit1-live

content/uninotes/et-dcm1107-unit1/live.md

@@ -11,9 +11,57 @@ url = '/uninotes/s1/et-dcm1107/unit1/live/'
 uniturl = '/uninotes/s1/et-dcm1107/unit1/'
 +++
 
-### ***April 9, 2026***
+### ***April 5, 2026***
 
 ## Course Objectives
 
 A) Develop analytical skills for interpreting consumer decision-making and market behaviour using economic tools.  
 B) Examine cost and revenue structures of firms.
+
+## Definition of Economics by various individuals
+
+A) Wealth Definition by Adam Smith.  
+B) Welfare Definition by Alfred Marshall.  
+C) Scarcity Definition by Robbins.  
+D) Growth Defintion by Samuelson.  
+
+## Nature
+
+### A) Economics as a Science
+
+1. Positive (what is, based on data and logic)
+2. Normative (what ought to be, opinions, judgements)
+
+### B) Economics as an Art
+
+1. Pure (what ought to be, ideals and goals)
+2. Applied (real world, how to implement)
+
+### A) Described Economics as a Science
+
+1. Focuses on laws and cause-and-effect relationships (e.g Law of Demand).  
+2. Models to predict economic outcomes.  
+3. Data analysis, observation, hypothesis. 
+4. Real-world evidence.  
+5. Deductive and Inductive reasoning.
+
+* Limitaion: Human behaviour involved.
+
+## Methods
+
+A) Inductive (specific -> general).  
+B) Deductive (general -> specific).
+
+### A) Inductive
+
+1. Real-world observation, identify problem.
+2. Collect data, analyze and find patterns.
+3. Formulate and test generalisations.
+
+### B) Deductive
+
+1. Identify the general problem.
+2. Assumptions, formulate hypothesis.
+3. Verify using data.
+
+