The Methods of Economics (Grade 10 NSC Matric Economics): Flashcards
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Economic model definition
Economic model definition
Simplified representation of real-world economic situations
Positive economics focus
Positive economics focus
Objective explanation tested with evidence; describes what is
Normative economics focus
Normative economics focus
Subjective opinions about what ought to happen
Words indicating normative statements
Words indicating normative statements
Should, ought to, too high
Three steps of scientific method in economics
Three steps of scientific method in economics
Formulate question, conduct investigation, draw conclusions
Human behaviour variability challenge
Human behaviour variability challenge
Impossible to predict individual responses with certainty
Controlled test difficulty in economics
Controlled test difficulty in economics
Can't change one variable while keeping everything else constant
Researcher bias in economics
Researcher bias in economics
Personal beliefs/political views influence research
Precision of economic results
Precision of economic results
Show general trends rather than exact outcomes
Nature of economic laws
Nature of economic laws
Generalisations describing typical behaviour, not exact predictions