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68 lines
1.5 KiB
Markdown
68 lines
1.5 KiB
Markdown
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draft = false
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semester = ['S1']
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subjectcode = ['ET DCM1107']
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unit = 'Unit 1'
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notecategory = 'Live'
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title = 'Unit 1'
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toc = true
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weight = 1
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url = '/uninotes/s1/et-dcm1107/unit1/live/'
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uniturl = '/uninotes/s1/et-dcm1107/unit1/'
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### ***April 5, 2026***
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## Course Objectives
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A) Develop analytical skills for interpreting consumer decision-making and market behaviour using economic tools.
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B) Examine cost and revenue structures of firms.
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## Definition of Economics by various individuals
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A) Wealth Definition by Adam Smith.
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B) Welfare Definition by Alfred Marshall.
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C) Scarcity Definition by Robbins.
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D) Growth Defintion by Samuelson.
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## Nature
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### A) Economics as a Science
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1. Positive (what is, based on data and logic)
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2. Normative (what ought to be, opinions, judgements)
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### B) Economics as an Art
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1. Pure (what ought to be, ideals and goals)
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2. Applied (real world, how to implement)
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### A) Described Economics as a Science
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1. Focuses on laws and cause-and-effect relationships (e.g Law of Demand).
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2. Models to predict economic outcomes.
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3. Data analysis, observation, hypothesis.
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4. Real-world evidence.
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5. Deductive and Inductive reasoning.
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* Limitaion: Human behaviour involved.
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## Methods
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A) Inductive (specific -> general).
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B) Deductive (general -> specific).
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### A) Inductive
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1. Real-world observation, identify problem.
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2. Collect data, analyze and find patterns.
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3. Formulate and test generalisations.
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### B) Deductive
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1. Identify the general problem.
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2. Assumptions, formulate hypothesis.
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3. Verify using data.
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