ECON 1BB3 Lecture Notes - Lecture 2: Thanksgiving

• School: McMaster University
• Department: Economics
• Course: ECON 1BB3
• Professor: Bridget O' Shaughnessy

Document Summary

A fact is something that can be proven true or false. An opinion is what someone feels, believes or thinks about a particular topic. Fact: thankgiving is celebrated in autumn, some families eat turkey on thanksgiving, there are 12 months in the year, monday, wednesday, and friday are weekdays, your birthday comes only one day a year. Opinion: sunday is the best day of the week, watching fireworks on the 1st of july is lots of fun, spring is the most beautiful season of all, soccer is the best sport, everyone should play basketball. A positive statement can be shown to be true (or false) by collecting data and evidence. A normative statement involves a person"s own individual morals or feelings about something: the minimum wage creates unemployment among young and unskilled workers, the minimum wage ought to be abolished. You are continuously giving up one good to get another good.