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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.
<!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.
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.
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.
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.
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.
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).
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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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@@ -33,6 +33,6 @@ Blog posts</button></div></div></div></div><nav class="menu language"><ul class=
› <a href=/uninotes/s1/>S1</a> › <a href=/uninotes/s1/et-dcm1107/>ET DCM1107</a> ›
<a href=/uninotes/s1/et-dcm1107/unit1/>Unit 1</a> ›
<span>Live</span></nav><div class=uninotes-meta><span class=uninotes-meta__pill>S1</span> <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-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><nav class=page-nav><a class=page-nav__next-link href=/uninotes/s1/et-dcm1107/unit2/>Unit 2 →</a></nav></main><footer class=footer><p class=footer__copyright-notice>&copy; <a href=https://freedoms4.org>freedoms4.org</a>
<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></h3><h2 class=heading id=course-objectives>Course Objectives</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</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</h2><h3 class=heading id=a-economics-as-a-science>A) Economics as a Science</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</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</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</h2><p>A) Inductive (specific -> general).<br>B) Deductive (general -> specific).</p><h3 class=heading id=a-inductive>A) Inductive</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</h3><ol><li>Identify the general problem.</li><li>Assumptions, formulate hypothesis.</li><li>Verify using data.</li></ol><nav class=page-nav><a class=page-nav__next-link href=/uninotes/s1/et-dcm1107/unit2/>Unit 2 →</a></nav></main><footer class=footer><p class=footer__copyright-notice>&copy; <a href=https://freedoms4.org>freedoms4.org</a>
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