Textbook Notes (367,754)
Canada (161,370)
Economics (728)
ECON 1B03 (303)
Chapter 2

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Department
Economics
Course
ECON 1B03
Professor
Hannah Holmes
Semester
Winter

Description
Chapter 2: Thinking Like An Economists  This chapter discusses the field’s of methodology  Questions to keep in mind: o What is distinctive about how economists confront a question? o What does it mean to think like an economist?  Economists devise theories, collect data and then analyze these data in attempt to verify or refute their theories The Scientific Method: Observation, Theory, and More observation  Theory and observation occurs in the field of economics o Ex. If a country is experiencing inflation, economist may hypothesis that the government is printing too much money. Undergoing data collection and analysis on prices and money from different countries they use that resource to try to prove their theory.  If the data collected disproves their theory, then the economist may start to doubt the logic of his theory The Role of Assumptions  Economists make assumptions, just
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