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ECON 208 (113)
Chapter 2

ECON 208 Chapter 2.docx

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Department
Economics (Arts)
Course
ECON 208
Professor
Sebastien Forte
Semester
Summer

Description
Chapter 2:  Normative statements- based on valuable judgments (what someone ought to do)  Positive statements- statements about what is, was, or will be  Disagreements among economics are based on: 1. Poor communication 2. Failure to acknowledge the full state of their ignorance 3. The positive/normative distinction 4. Must differentiate between normative proffered advice and positive facts  “Model” and “theory” are often interchangeable, but a theory consists of: 1. Definitions about variables 2. A set of assumptions **Most common are that consumers maximize utilities and that businesses always profit maximize 3. A set of predictions (hypothesis)  Rejection vs. confirmation: y
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