ECO-9-5-Ch2.-Week-2

ECO-9-5-Ch2-Week-2 - Economics:ClassNotes,Week2 10:40:00 Positive:Anobjectivescience.Avaluefreescience.Describingthewaythe

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Economics: Class Notes, Week 2 05/09/2007 10:40:00 Positive and Normative Economics Positive : An objective science.  A value free science.  Describing the way the  world  is  in a sort of mechanical way. Normative : Subjective. How the world  ought to be . Tries to describe the  world as it should be.   $12,000,000,000,000 in goods and services every year. The art of Economics:  Taking what we know (positively) about the operation  of an economy and applying that to achieve our normative goals.  Appendix to Chapter 2:   GRAPHING! o Graphing is a tool, and it is no good until you put it to use.  Use  graphing to solve problems. o Graphs are pictures of a relationship. o X:  Is normally the independent variable o Y:  Is normally the dependent variable Changes in X cause changes in Y X         Y          Cause  Effect o The  Slope
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This note was uploaded on 01/16/2012 for the course ECON 2000 taught by Professor Roussell during the Fall '06 term at LSU.

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ECO-9-5-Ch2-Week-2 - Economics:ClassNotes,Week2 10:40:00 Positive:Anobjectivescience.Avaluefreescience.Describingthewaythe

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