Economic Methodology (AQA A-Level Economics): Flashcards
📚Flashcards
Practise the cards
10 cards from this deck
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Practise the cards
10 cards from this deck
Economic problem
Economic problem
Scarcity forces choices on resource allocation
Economics studies (as social science)
Economics studies (as social science)
Economic behaviour & relationships of individuals/groups
Market
Market
Place where consumers & firms interact/make transactions
Hypothesis
Hypothesis
Tentative explanation that is untested
Theory (in economics)
Theory (in economics)
Hypothesis that has been tested & survived the test
Falsification
Falsification
Testing & potentially rejecting a hypothesis
Positive economics
Positive economics
What is & what will happen - can be tested
Normative economics
Normative economics
What should/ought to be - value judgements
Positive statement
Positive statement
Statement of fact that can be scientifically tested
Normative statement
Normative statement
Includes value judgement, can't be refuted by evidence alone