economics: 1.1 economic methodology and the economic problem

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5 Terms

1
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ceteris paribus

all other variables held constant

2
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economic agents behave rationally by…

maximising their own interest

3
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what is a positive statement?

fact that can be checked against evidence and is objective

4
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what is a normative statement

a subjective statement that reflects values or beliefs and cannot be tested against evidence.

5
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