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Economics - Term 1 SAC PREP
What is economics?
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Emily Wu
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Cards (15)
Econometrics
Specializes in analyzing economic data
People need to make choices about how to use their
scarce
resources
Question like "Should people use money?"
Is a
normative
question
Positive economics
Describes what is
Fields economists study
Markets
Crime
War
The family
Religion
Culture
Politics
Law
Genetics
Normative economics
Argues for what ought to be
Papers by various professionals are co-authored by
economists
due to the
interdisciplinary
nature of economics
Microeconomics
Studies the behavior of individual agents and markets
Economists
study the choices people make regarding their scarce resources
The typical
first
student walks into his first
economics
class with very little idea of what
economics
is
All economic questions fall into one of two categories:
positive
and
normative
Economics
is the study of the use of scarce resources that have
alternative
uses
Macroeconomics
Studies the behavior of the entire economy
Question like "Why do people use money?"
Is a
positive
question
The tools
economists
have developed to study
human behavior
have broad uses outside of
traditional economics