ECON 200 Lecture Notes - Lecture 2: Scientific Method, List Of Fables Characters, Opportunity Cost
14 Dec 2019
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Economists try to mimic natural scientists by using the scientific method, but economics is a social science. When analyzing human behavior, we can perform. The study of what is , also known was descriptive analysis. Describes the world as it is---fact based. Deals with facts about the past or predictions about the future that can be justified by examining evidence. Ex: there are fewer farmers in sc in 2017, than there were 50 years ago. The study of what ought to be . Perspective analysis: cannot be tested or shown to be true or false. Economists who are academic based generally perform positive analysis. Develops theories, collects and analyzes data to prove these theories. Uses abstract models to help explain how a complex, real world operated. The economic way of thinking includes abstract models from theories and the analysis of these models. Economists develop economic models to analyze real-world issues. Building an economic model often follows these steps:
