ECON 1BB3 Lecture Notes - Lecture 1: Scientific Method
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ECON 1BB3 Full Course Notes
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Economics as a social science, scientific method. Three different ways of expressing the same thing. When the price of coffee rises, people buy less coffee. Positive statement can be shown to be true by collecting data and evidence. If the government wants to reduce childhood diseases, it should provide free vaccines . Positive: free vaccines lead to lower rates of childhood diseases - positive, the ontario government was correct in introducing a ban on smoking in public places - Positive: canadian workers deserve more liberal unemployment benefits normative. If a statement is false but is an observation, it is positive (such as #9) It"s a waste of time since the actual world has many counties and many goods involving many countries and many goods: the theory can be used in the classroom, but is useless in the real world. Question: company makes 50 units of food and 30 machines. This year it produced 55 units of food and.
