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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).
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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).
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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).
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<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; 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>
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