Instructor
Caris Liew
Description
In this chapter you will learn how to:
- explain why economics is a social science
- differentiate between facts and opinions (positive and normative statements.
- explain why economists use the term ceteris paribus
- explain when to refer to a time period such as ‘short run’, ‘long-run’ and ‘very long run’.
Curriculum
1.2.1 Economics as a social science
1.2.2 Positive and normative statements
1.2.3 Meaning of the term ceteris paribus
1.2.4 Importance of the time period
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