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Ecomonics Summary

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Issue:

Business

 

Written by:

Patricia M

 

Date added:

November 13, 2016

 

Level:

University

 

Grade:

A

 

No of pages / words:

3 / 631

 

Was viewed:

8085 times

 

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Essay content:

Hypothetical method. • Induction and deduction are thus complementary. • Ceteris paribus – all other things being equal. • Macroeconomics – behavior of aggregates (collection of specific economic units treated as one unit) within economy. E,g economy as a whole: government, household and business sectors...
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E,g economy as a whole: government, household and business sectors. • Microeconomics – concerned with specific units within economy. E.g individual firm or household. • Positive statements are facts, normative statements are value judgements. • Bias – interfere with objective analysis • Fallacy of Composition – What is true for an individual is also true for a group...
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