[ECON 1000] - Final Exam Guide - Comprehensive Notes fot the exam (39 pages long!)

• School: York University
• Department: Economics
• Course: ECON 1000
• Professor: Xianghong Li

Document Summary

Economics is both a social science and a toolkit for advising on policy decisions. As social scientists, economists seek to discover how the economic world works. In pursuit of this goal, like all scientists, economists distinguish between positive and normative statements. A positive statement is about what is. A positive statement might be right or wrong, but we can test it by checking it against the. It says what is currently believed about the way the world operates. facts. Our planet is warming because of the amount of coal that we"re burning is a positive statement. We can test whether it is right or wrong. A central task of economists is to test positive statements about how the economic world works and to weed out those that are wrong. Economics first got off the ground in the late 1700s, so it is a young science compared with, for example, physics, and much remains to be discovered.