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26 - Sometimes explicit Currencies international payments...

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GECON 200 8/26/08 Notes The Nature of Economics Perceptions Not about making money Positive vs. Normative Statements Positive asserts what is Ex: “The dollar volume of trade with Mexico is lower than it was one year ago” Normative says what should be Ex: “Trade with Mexico should be increased” Micro vs. Macro Micro studies individual decision makers and markets Ex: Exxon Mobile Macro studies national economies Ex: National economies Global Applications Principles of economics are applicable globally Sometimes implicit: “A consumers” demand (not “an American consumers” demand)
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Unformatted text preview: Sometimes explicit: Currencies, international payments Role of Abstraction Economics is abstract, like a model of a building More helpful because it’s abstract Requires different skills Disciplines such as history, languages How it fits In business, core discipline for: Finance Marketing Management, along with behavioral sciences In business, sets the background for business activity In life, makes you a better informed citizen...
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