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<?xml version="1.0" encoding="utf-8" standalone="yes"?><rss version="2.0" xmlns:atom="http://www.w3.org/2005/Atom"><channel><title>ET DCM1107 on Freedoms4</title><link>https://freedoms4.org/uninotes/s1/et-dcm1107/</link><description>Recent content in ET DCM1107 on Freedoms4</description><generator>Hugo</generator><language>en-us</language><managingEditor>your-email@example.com (Freedoms4)</managingEditor><webMaster>your-email@example.com (Freedoms4)</webMaster><atom:link href="https://freedoms4.org/uninotes/s1/et-dcm1107/index.xml" rel="self" type="application/rss+xml"/><item><title>Unit 1</title><link>https://freedoms4.org/uninotes/s1/et-dcm1107/unit1/live/</link><pubDate>Mon, 01 Jan 0001 00:00:00 +0000</pubDate><author>your-email@example.com (Freedoms4)</author><guid>https://freedoms4.org/uninotes/s1/et-dcm1107/unit1/live/</guid><description>&lt;h3 class="heading" id="april-9-2026"&gt;
&lt;em&gt;&lt;strong&gt;April 9, 2026&lt;/strong&gt;&lt;/em&gt;&lt;span class="heading__anchor"&gt; &lt;a href="#april-9-2026"&gt;#&lt;/a&gt;&lt;/span&gt;
<?xml version="1.0" encoding="utf-8" standalone="yes"?><rss version="2.0" xmlns:atom="http://www.w3.org/2005/Atom"><channel><title>ET DCM1107 on Freedoms4</title><link>https://freedoms4.org/uninotes/s1/et-dcm1107/</link><description>Recent content in ET DCM1107 on Freedoms4</description><generator>Hugo</generator><language>en-us</language><managingEditor>your-email@example.com (Freedoms4)</managingEditor><webMaster>your-email@example.com (Freedoms4)</webMaster><atom:link href="https://freedoms4.org/uninotes/s1/et-dcm1107/index.xml" rel="self" type="application/rss+xml"/><item><title>Unit 1</title><link>https://freedoms4.org/uninotes/s1/et-dcm1107/unit1/live/</link><pubDate>Mon, 01 Jan 0001 00:00:00 +0000</pubDate><author>your-email@example.com (Freedoms4)</author><guid>https://freedoms4.org/uninotes/s1/et-dcm1107/unit1/live/</guid><description>&lt;h3 class="heading" id="april-5-2026"&gt;
&lt;em&gt;&lt;strong&gt;April 5, 2026&lt;/strong&gt;&lt;/em&gt;&lt;span class="heading__anchor"&gt; &lt;a href="#april-5-2026"&gt;#&lt;/a&gt;&lt;/span&gt;
&lt;/h3&gt;&lt;h2 class="heading" id="course-objectives"&gt;
Course Objectives&lt;span class="heading__anchor"&gt; &lt;a href="#course-objectives"&gt;#&lt;/a&gt;&lt;/span&gt;
&lt;/h2&gt;&lt;p&gt;A) Develop analytical skills for interpreting consumer decision-making and market behaviour using economic tools.&lt;br&gt;
B) Examine cost and revenue structures of firms.&lt;/p&gt;</description></item></channel></rss>
B) Examine cost and revenue structures of firms.&lt;/p&gt;
&lt;h2 class="heading" id="definition-of-economics-by-various-individuals"&gt;
Definition of Economics by various individuals&lt;span class="heading__anchor"&gt; &lt;a href="#definition-of-economics-by-various-individuals"&gt;#&lt;/a&gt;&lt;/span&gt;
&lt;/h2&gt;&lt;p&gt;A) Wealth Definition by Adam Smith.&lt;br&gt;
B) Welfare Definition by Alfred Marshall.&lt;br&gt;
C) Scarcity Definition by Robbins.&lt;br&gt;
D) Growth Defintion by Samuelson.&lt;/p&gt;
&lt;h2 class="heading" id="nature"&gt;
Nature&lt;span class="heading__anchor"&gt; &lt;a href="#nature"&gt;#&lt;/a&gt;&lt;/span&gt;
&lt;/h2&gt;&lt;h3 class="heading" id="a-economics-as-a-science"&gt;
A) Economics as a Science&lt;span class="heading__anchor"&gt; &lt;a href="#a-economics-as-a-science"&gt;#&lt;/a&gt;&lt;/span&gt;
&lt;/h3&gt;&lt;ol&gt;
&lt;li&gt;Positive (what is, based on data and logic)&lt;/li&gt;
&lt;li&gt;Normative (what ought to be, opinions, judgements)&lt;/li&gt;
&lt;/ol&gt;
&lt;h3 class="heading" id="b-economics-as-an-art"&gt;
B) Economics as an Art&lt;span class="heading__anchor"&gt; &lt;a href="#b-economics-as-an-art"&gt;#&lt;/a&gt;&lt;/span&gt;
&lt;/h3&gt;&lt;ol&gt;
&lt;li&gt;Pure (what ought to be, ideals and goals)&lt;/li&gt;
&lt;li&gt;Applied (real world, how to implement)&lt;/li&gt;
&lt;/ol&gt;
&lt;h3 class="heading" id="a-described-economics-as-a-science"&gt;
A) Described Economics as a Science&lt;span class="heading__anchor"&gt; &lt;a href="#a-described-economics-as-a-science"&gt;#&lt;/a&gt;&lt;/span&gt;
&lt;/h3&gt;&lt;ol&gt;
&lt;li&gt;Focuses on laws and cause-and-effect relationships (e.g Law of Demand).&lt;/li&gt;
&lt;li&gt;Models to predict economic outcomes.&lt;/li&gt;
&lt;li&gt;Data analysis, observation, hypothesis.&lt;/li&gt;
&lt;li&gt;Real-world evidence.&lt;/li&gt;
&lt;li&gt;Deductive and Inductive reasoning.&lt;/li&gt;
&lt;/ol&gt;
&lt;ul&gt;
&lt;li&gt;Limitaion: Human behaviour involved.&lt;/li&gt;
&lt;/ul&gt;
&lt;h2 class="heading" id="methods"&gt;
Methods&lt;span class="heading__anchor"&gt; &lt;a href="#methods"&gt;#&lt;/a&gt;&lt;/span&gt;
&lt;/h2&gt;&lt;p&gt;A) Inductive (specific -&amp;gt; general).&lt;br&gt;
B) Deductive (general -&amp;gt; specific).&lt;/p&gt;</description></item></channel></rss>

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<?xml version="1.0" encoding="utf-8" standalone="yes"?><rss version="2.0" xmlns:atom="http://www.w3.org/2005/Atom"><channel><title>Unit 1 on Freedoms4</title><link>https://freedoms4.org/uninotes/s1/et-dcm1107/unit1/</link><description>Recent content in Unit 1 on Freedoms4</description><generator>Hugo</generator><language>en-us</language><managingEditor>your-email@example.com (Freedoms4)</managingEditor><webMaster>your-email@example.com (Freedoms4)</webMaster><atom:link href="https://freedoms4.org/uninotes/s1/et-dcm1107/unit1/index.xml" rel="self" type="application/rss+xml"/><item><title>Unit 1</title><link>https://freedoms4.org/uninotes/s1/et-dcm1107/unit1/live/</link><pubDate>Mon, 01 Jan 0001 00:00:00 +0000</pubDate><author>your-email@example.com (Freedoms4)</author><guid>https://freedoms4.org/uninotes/s1/et-dcm1107/unit1/live/</guid><description>&lt;h3 class="heading" id="april-9-2026"&gt;
&lt;em&gt;&lt;strong&gt;April 9, 2026&lt;/strong&gt;&lt;/em&gt;&lt;span class="heading__anchor"&gt; &lt;a href="#april-9-2026"&gt;#&lt;/a&gt;&lt;/span&gt;
<?xml version="1.0" encoding="utf-8" standalone="yes"?><rss version="2.0" xmlns:atom="http://www.w3.org/2005/Atom"><channel><title>Unit 1 on Freedoms4</title><link>https://freedoms4.org/uninotes/s1/et-dcm1107/unit1/</link><description>Recent content in Unit 1 on Freedoms4</description><generator>Hugo</generator><language>en-us</language><managingEditor>your-email@example.com (Freedoms4)</managingEditor><webMaster>your-email@example.com (Freedoms4)</webMaster><atom:link href="https://freedoms4.org/uninotes/s1/et-dcm1107/unit1/index.xml" rel="self" type="application/rss+xml"/><item><title>Unit 1</title><link>https://freedoms4.org/uninotes/s1/et-dcm1107/unit1/live/</link><pubDate>Mon, 01 Jan 0001 00:00:00 +0000</pubDate><author>your-email@example.com (Freedoms4)</author><guid>https://freedoms4.org/uninotes/s1/et-dcm1107/unit1/live/</guid><description>&lt;h3 class="heading" id="april-5-2026"&gt;
&lt;em&gt;&lt;strong&gt;April 5, 2026&lt;/strong&gt;&lt;/em&gt;&lt;span class="heading__anchor"&gt; &lt;a href="#april-5-2026"&gt;#&lt;/a&gt;&lt;/span&gt;
&lt;/h3&gt;&lt;h2 class="heading" id="course-objectives"&gt;
Course Objectives&lt;span class="heading__anchor"&gt; &lt;a href="#course-objectives"&gt;#&lt;/a&gt;&lt;/span&gt;
&lt;/h2&gt;&lt;p&gt;A) Develop analytical skills for interpreting consumer decision-making and market behaviour using economic tools.&lt;br&gt;
B) Examine cost and revenue structures of firms.&lt;/p&gt;</description></item></channel></rss>
B) Examine cost and revenue structures of firms.&lt;/p&gt;
&lt;h2 class="heading" id="definition-of-economics-by-various-individuals"&gt;
Definition of Economics by various individuals&lt;span class="heading__anchor"&gt; &lt;a href="#definition-of-economics-by-various-individuals"&gt;#&lt;/a&gt;&lt;/span&gt;
&lt;/h2&gt;&lt;p&gt;A) Wealth Definition by Adam Smith.&lt;br&gt;
B) Welfare Definition by Alfred Marshall.&lt;br&gt;
C) Scarcity Definition by Robbins.&lt;br&gt;
D) Growth Defintion by Samuelson.&lt;/p&gt;
&lt;h2 class="heading" id="nature"&gt;
Nature&lt;span class="heading__anchor"&gt; &lt;a href="#nature"&gt;#&lt;/a&gt;&lt;/span&gt;
&lt;/h2&gt;&lt;h3 class="heading" id="a-economics-as-a-science"&gt;
A) Economics as a Science&lt;span class="heading__anchor"&gt; &lt;a href="#a-economics-as-a-science"&gt;#&lt;/a&gt;&lt;/span&gt;
&lt;/h3&gt;&lt;ol&gt;
&lt;li&gt;Positive (what is, based on data and logic)&lt;/li&gt;
&lt;li&gt;Normative (what ought to be, opinions, judgements)&lt;/li&gt;
&lt;/ol&gt;
&lt;h3 class="heading" id="b-economics-as-an-art"&gt;
B) Economics as an Art&lt;span class="heading__anchor"&gt; &lt;a href="#b-economics-as-an-art"&gt;#&lt;/a&gt;&lt;/span&gt;
&lt;/h3&gt;&lt;ol&gt;
&lt;li&gt;Pure (what ought to be, ideals and goals)&lt;/li&gt;
&lt;li&gt;Applied (real world, how to implement)&lt;/li&gt;
&lt;/ol&gt;
&lt;h3 class="heading" id="a-described-economics-as-a-science"&gt;
A) Described Economics as a Science&lt;span class="heading__anchor"&gt; &lt;a href="#a-described-economics-as-a-science"&gt;#&lt;/a&gt;&lt;/span&gt;
&lt;/h3&gt;&lt;ol&gt;
&lt;li&gt;Focuses on laws and cause-and-effect relationships (e.g Law of Demand).&lt;/li&gt;
&lt;li&gt;Models to predict economic outcomes.&lt;/li&gt;
&lt;li&gt;Data analysis, observation, hypothesis.&lt;/li&gt;
&lt;li&gt;Real-world evidence.&lt;/li&gt;
&lt;li&gt;Deductive and Inductive reasoning.&lt;/li&gt;
&lt;/ol&gt;
&lt;ul&gt;
&lt;li&gt;Limitaion: Human behaviour involved.&lt;/li&gt;
&lt;/ul&gt;
&lt;h2 class="heading" id="methods"&gt;
Methods&lt;span class="heading__anchor"&gt; &lt;a href="#methods"&gt;#&lt;/a&gt;&lt;/span&gt;
&lt;/h2&gt;&lt;p&gt;A) Inductive (specific -&amp;gt; general).&lt;br&gt;
B) Deductive (general -&amp;gt; specific).&lt;/p&gt;</description></item></channel></rss>

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<!doctype html><html class=html lang=en-us dir=ltr><head><meta charset=utf-8><meta name=viewport content="width=device-width"><title>Unit 1 | Freedoms4</title><link rel=stylesheet href=/css/style.min.34d0accb85f8ec23ceee8c29eef5907823b531d8acb9e6bdf45a3b37ad028d30.css integrity="sha256-NNCsy4X47CPO7owp7vWQeCO1Mdisuea99Fo7N60CjTA=" crossorigin=anonymous><link rel=icon href=/favicon.ico><meta name=description content=" April 9, 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."><meta property="og:url" content="https://freedoms4.org/uninotes/s1/et-dcm1107/unit1/live/"><meta property="og:site_name" content="Freedoms4"><meta property="og:title" content="Unit 1"><meta property="og:description" content="April 9, 2026 # Course Objectives # A) Develop analytical skills for interpreting consumer decision-making and market behaviour using economic tools.
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<!doctype html><html class=html lang=en-us dir=ltr><head><meta charset=utf-8><meta name=viewport content="width=device-width"><title>Unit 1 | Freedoms4</title><link rel=stylesheet href=/css/style.min.34d0accb85f8ec23ceee8c29eef5907823b531d8acb9e6bdf45a3b37ad028d30.css integrity="sha256-NNCsy4X47CPO7owp7vWQeCO1Mdisuea99Fo7N60CjTA=" crossorigin=anonymous><link rel=icon href=/favicon.ico><meta name=description content=" 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 # 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 property="og:url" content="https://freedoms4.org/uninotes/s1/et-dcm1107/unit1/live/"><meta property="og:site_name" content="Freedoms4"><meta property="og:title" content="Unit 1"><meta property="og:description" content="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 # 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 property="og:locale" content="en_us"><meta property="og:type" content="article"><meta property="article:section" content="uninotes"><meta itemprop=name content="Unit 1"><meta itemprop=description content="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 # 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="179"><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)})()</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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@@ -16,4 +34,4 @@ Subscribe</a></div></div></div></div><nav class="menu language"><ul class="menu_
› <a href=/uninotes/s1/et-dcm1107/unit1/>Unit 1</a>
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<span class=uninotes-meta__pill>ET DCM1107</span>
<span class="uninotes-meta__pill uninotes-meta__pill--live">Live</span></div><h1>Unit 1</h1><details class=toc><summary class=toc__summary>Table of Contents</summary><nav id=TableOfContents><ul><li><ul><li><a href=#april-9-2026><em><strong>April 9, 2026</strong></em></a></li></ul></li><li><a href=#course-objectives>Course Objectives</a></li></ul></nav></details><h3 class=heading id=april-9-2026><em><strong>April 9, 2026</strong></em><span class=heading__anchor> <a href=#april-9-2026>#</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></main><footer class=footer><p class=footer__copyright-notice>&copy; 2026 <a href=https://freedoms4.org>freedoms4.org</a></p><p class=footer__theme-info>Built with <a href=https://gohugo.io>Hugo</a> and based on <a href=https://github.com/CyrusYip/hugo-theme-yue>Yue</a> theme</p></footer><script>(function(){var e=document.getElementById("theme-toggle");if(!e)return;function t(){var e=localStorage.getItem("theme");return e?e:window.matchMedia("(prefers-color-scheme: light)").matches?"light":"dark"}function n(e){document.documentElement.setAttribute("data-theme",e),localStorage.setItem("theme",e)}n(t()),e.addEventListener("click",function(){var e=document.documentElement.getAttribute("data-theme")||t();n(e==="dark"?"light":"dark")})})()</script><script>(function(){var e=document.getElementById("mobile-menu-check");if(!e)return;document.addEventListener("click",function(t){if(!e.checked)return;var n=e.closest(".brand__mobile-menu");n&&!n.contains(t.target)&&(e.checked=!1)})})()</script></body></html>
<span class="uninotes-meta__pill uninotes-meta__pill--live">Live</span></div><h1>Unit 1</h1><details class=toc><summary class=toc__summary>Table of Contents</summary><nav id=TableOfContents><ul><li><ul><li><a href=#april-5-2026><em><strong>April 5, 2026</strong></em></a></li></ul></li><li><a href=#course-objectives>Course Objectives</a></li><li><a href=#definition-of-economics-by-various-individuals>Definition of Economics by various individuals</a></li><li><a href=#nature>Nature</a><ul><li><a href=#a-economics-as-a-science>A) Economics as a Science</a></li><li><a href=#b-economics-as-an-art>B) Economics as an Art</a></li><li><a href=#a-described-economics-as-a-science>A) Described Economics as a Science</a></li></ul></li><li><a href=#methods>Methods</a><ul><li><a href=#a-inductive>A) Inductive</a></li><li><a href=#b-deductive>B) Deductive</a></li></ul></li></ul></nav></details><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 -> general).<br>B) Deductive (general -> specific).</p><h3 class=heading id=a-inductive>A) Inductive<span class=heading__anchor> <a href=#a-inductive>#</a></span></h3><ol><li>Real-world observation, identify problem.</li><li>Collect data, analyze and find patterns.</li><li>Formulate and test generalisations.</li></ol><h3 class=heading id=b-deductive>B) Deductive<span class=heading__anchor> <a href=#b-deductive>#</a></span></h3><ol><li>Identify the general problem.</li><li>Assumptions, formulate hypothesis.</li><li>Verify using data.</li></ol></main><footer class=footer><p class=footer__copyright-notice>&copy; 2026 <a href=https://freedoms4.org>freedoms4.org</a></p><p class=footer__theme-info>Built with <a href=https://gohugo.io>Hugo</a> and based on <a href=https://github.com/CyrusYip/hugo-theme-yue>Yue</a> theme</p></footer><script>(function(){var e=document.getElementById("theme-toggle");if(!e)return;function t(){var e=localStorage.getItem("theme");return e?e:window.matchMedia("(prefers-color-scheme: light)").matches?"light":"dark"}function n(e){document.documentElement.setAttribute("data-theme",e),localStorage.setItem("theme",e)}n(t()),e.addEventListener("click",function(){var e=document.documentElement.getAttribute("data-theme")||t();n(e==="dark"?"light":"dark")})})()</script><script>(function(){var e=document.getElementById("mobile-menu-check");if(!e)return;document.addEventListener("click",function(t){if(!e.checked)return;var n=e.closest(".brand__mobile-menu");n&&!n.contains(t.target)&&(e.checked=!1)})})()</script></body></html>