How well do you understand economics? Never being satisfied and always wanting and needing more. Which of the following does economics have in common with the other sciences? B) it does not have alternative uses. B) composition. Write a paragraph for or against these effects, explaining your reasoning. A) chemistry. C) study the choices people make. B) the highest valued other choice that could have been made. Entrepreneurship- vision, skill, ingenuity,etc. C) variable. D) all societies. - Examples: Canada, most European countries In economics, the function of theories, laws, and hypotheses is to: Lerne mit deinen Freunden und bleibe auf dem richtigen Kurs mit deinen persnlichen Lernstatistiken. By registering you get free access to our website and app (available on desktop AND mobile) which will help you to super-charge your learning process. Therefore their applications in real-life are not possible. B) useless if they are simple. The choices people make have both present and future consequences. C. An unadjusted trial balance is prepared. ----share the wealth d. emphasis on how choices affect total values rather than marginal values. c.level of technology. True/False, A free good is one that can be acquired without sacrifice. While going to her bus, she goes over a few pedestrian crossings. - Most socialist societies are democracies A) model. 3) make better decisions concerning your education. --- Slavery Benchmarks: A) pecuniary. It introduces the perspective that economic reasoning skills are valuable critical thinking tools and demonstrates how this perspective enhances users ability to analyze and understand human behavior, the focus of social science inquiry. Economics is considered to be the study of, Microeconomics approaches the study of economics from the viewpoint of. B) aggregates in the economy. A) attention paid to the opportunity costs involved in any choice. C) Everyone in the country needs to be covered by national health insurance. (c) Describe the distribution, based on these displays. Whenever a choice is made: A) the cost of that choice could be referred to as opportunity cost. So, in the end, we can list them as follows. A free good is: An example of a positive statement in this scenario would be increased amount of unions are causing increased demand for higher wages. On the other hand, a normative statement would be solution to unemployment is to decrease the number of unions that causes higher demands in wages. Logically, both statements can be true or false. To keep things simple, it is better to focus on the main aspects of the scientific methodology and talk about the details later on. If we want to elaborate on our point of view about positive and normative statements, we can give an example from the economics literature. 1. To dive deeper into this topic, why not check out: Positive statements are completely descriptive. Whenever a choice is made: A) the value of all the other choices that could have been made is called opportunity cost. Which one of the following is not an assumption of the AD-AS model? Print; Share; Edit; Delete; Report an issue; Live modes. Test your knowledge with gamified quizzes. Economic Way of Thinking can be defined as a way of looking and analyzing the way the world works by comparing the costs of an action with the benefits generated. Positive statements are phrased in a way that only states what is verifiably true. Which of the following statements is TRUE about. It introduces the perspective that economic reasoning skills are valuable critical thinking tools and demonstrates how this perspective enhances users' ability to analyze and understand human behavior, the focus of social science inquiry. *Most foods are pure goods*. 2. The primary emphasis in macroeconomics is on: Select one: The table gives a subset of responses. ----no property=no class=no government B) hypothesis. 2. Determine whether the following is a Normative statement or Positive Statement.Speaking carefully in a way that only conveys proven outcomes. Determine whether the following is a Normative statement or Positive Statement.Everyone's lives would be better if car exhaust didn't pollute the air. An example of a positive statement is: B) normative economics. (a) Prepare a stem-and-leaf plot. D) differentiating between macroeconomics and microeconomics. D) free goods are more expensive than scarce goods. Economics asserts that people make choices based on their perceptions of what is best for them. C) nominal. Economics is a social science that focuses on the choices people make. B) normative economics. A) Who gets how much of the economic pie? Determine whether the following is a Normative statement or Positive Statement.Some individuals in the right circumstances will be happier if they do 1 hour of yoga a day. Beyond traffic lights, if social systems are this complex, how do social scientists manage to understand and analyze the systems as a whole? This is indeed a great question! --- Money= incentive to be creative 1 - The Supply and Demand Model in a Free Market. C) emphasis on how choices are made at the margin. A) is positive. We have ready articles covering the supply and demand model in detail! An example of a normative statement is: - unequal distribution of wealth= economic classes the cost of that choice could be referred to as opportunity cost. Economists, like other scientists, need to come up with a set of _____ that help to make the situation at hand a little easier to understand. Normative statements offer a point of view of how things should be. C) false cause. Test an appropriate hypothesis for the relationship between age and level of concern about privacy and security online. D) economics deals so much with theories and models. C) sanitizing. Nonetheless, from the philosophical point of view, scientific methodology is a thing we still argue about. Disadvantages: A) variable. Which of the following option completes this statement? - Dependency on government, Chapter 1: Introducing the Economic way of Th, Chapter 26.4: Regulating the Quantity of Money, Earth and Space: 2nd Semester Final Exam Stud, Chapter 14: Government Revenue and Spending, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Pharmaceutics, Oral Drug Delivery, Exam 5. the Great Depression. A) positive economics. prices at Costco are more competitive. This quiz has basic introductory questions that will help you check your basic knowledge of the economic way of thinking. Select one: D) discover relationships between events that are important to economic behavior. ---Feudalism Positive statements describe the world as it is. D) Baseball players should not be paid higher salaries than the president of the United States. D) there is probably some other factor that causes both baldness and heart disease. ----Dictatorship of proletariat and education= pure communism, Advantages: An economic system where individual choice and voluntary exchange direct economic decisions. For example, in economic models, we generally assume that agents have perfect information or they will act rationally. A random sample of adults was requested to show their level of agreement with the statement "I don't like giving my credit card number or personal information online." determines: How can expected cost and expected benefit analysis work when it is impossible to quantify either of these categories in many situations? The problem of determining for whom to produce exists because: Determine whether the following is a Normative statement or Positive Statement.Some workers will experience positive gains if the minimum wage is increased. Create a flowchart illustrating the steps of the scientific method. Economics asks three important questions: 1) What determines the amounts of goods and services produced? Share the definitions and insights of Smith, Keynes, Heyne, and Reinke as a point of comparison. Distribute 3 x 5 cards and have the participants write complete definitions of economics on the card. Question 1 (2 points) The economic way of thinking will help you. - Job security C) composition. Nonetheless, the most important thing that science, and maybe humanity, has achieved is the scientific method. D) the opportunity cost of that choice is the highest-valued other choice that could have been made. Nie wieder prokastinieren mit unseren Lernerinnerungen. Although the topic of causality in social sciences is generally a risky approach, we will keep things simple in this example. D) statements that can be tested. Instead of giving raw proof or data, they focus on the policy-making process. B) independent variable. B) how resources are combined in production. Which of the following exemplies the outlet bias in the computation of the CPI? D) microeconomics. -low productivity results in low standard of living, Based on an individual choice. C) deal with what ought to be. B) the assumption that individuals choose to maximize some objective. What effect does scarcity have on societies? Permanent residents of the United States who are citizens of another country. 4) all of these. A) variable. The Economic Way of Thinking DRAFT. The existence of alternative uses for a resource implies it isn't scarce. For example, we can say that there are less developed countries in the world. Indeed this is an observation and reflects reality. The Economic Way of Thinking- CH. To prove your hypothesis, at first, you glance towards the literature to develop your understanding and organize your research plan. Our first example will be related to the scientific methodology in economics. C) quid pro quo. One is creating economic models and the other one is the role of assumptions in the economic way of thinking. How does Economics try to solve the problems of scarcity? True/False: Economic models are useful for agenda setting. This is an example of a question related to the previous observation. After this, you dive deep into data. 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Played 0 times. 2. B) employment, growth, and inflation. 3. A) the economy. What are the differences between socialism and communism? B) A high rate of economic growth is good for the country. Economics uses the scientific method for collecting data and testing theories. Select one: In this essay, I will explain eight ideas and give examples of the economic way of thinking. Understanding them also requires understanding rigorous ways of science and thinking like a social scientist. 1. D) the value of the best alternative forgone in making any choice. Economic theory began with efforts to understand why it was that many diverse individuals, pursuing their own interests on the basis of extremely limited information, A. cooperated more effectively when they were selfish than when they tried to . Which of the following is the study of how households and firms make decisions and interact in markets? Save. Indeed this is what economists do while they are offering policy suggestions or trying to create an explanation for the phenomena. The correct answer is: the level of real GDP that exists when the quantity of labor supplied is Who owns the means of production in a command economy? This exercise also gives the teacher a way of reinforcing the economic concepts taught at the beginning of the lesson. A) attention paid to the opportunity costs involved in any choice. The current rate of unemployment is 5 percent. - as result of resistance to change Can normative and positive statements be very similar? B) A high rate of economic growth is good for the country. 7 days ago by. C) proven to be true or false. d.Diana does her holiday shopping when she travels to China to take advantage of the American University's top-ranked online Master's in Economics teaches students how to apply economic theories and principles to solve real world problems. A) the best combinations of resources to be used for producing goods and services. Choices made by individuals, firms, or government officials often have long-run unintended consequences . ----people own everything A) The rate of unemployment is 4 percent. For example, let us assume that you want to investigate the relationship between economic crisis and money hoarding of agents. D) theory. Distribute and discuss the handout, Identifying an Economically Literate Person. Assign students the task of reading the complete description as homework and determining whether they are currently economically literate.. A(n) _______ does not pose the problem of scarcity; one use of the good is not an alternative to another use. B) a relatively abundant good. A) revenue. (b) Prepare a frequency distribution and histogram (you may either specify the bins yourself or use automatic bins). A) government regulations prevent firms from producing the kinds of goods that consumers want. Why is economics considered a social science? ---Communism In economics, the function of theories, laws, and hypotheses is to: discover relationships between events that are important to economic behavior. Save None of these essays will contain a single graph or make any use of complex equations or higher mathematics. A normative statement expresses moral ideals of how the world ought to be. The answer to, "What goods are to be produced?" Yes, in fact, a majority of public policy advised by economists can be normative. B) almost all goods have alternative uses. A) there are no tradeoffs between economic goals. A) a hypothesis. Economic way of thinking examines how people make choices under conditions of scarcity and systems of production, consumption, and distribution. ends with a test of economic myths that should get students' attention. b.Yu-Jen does most of her family's shopping at Costco instead of Safeway because the C) marginal analysis and normative economics. Isnt it important to seek all of the information about a possible choice before making it? B) the economic way of thinking. A simplified representation of a particular problem is a: the analysis of the aggregate values in the economy. Fig. a.increased immigration Select one: please dont hesitate to reach out to these articles: The most prominent element of the economic way of thinking is to make an observation. D) making the distinction between microeconomics and macroeconomics. Into what four categories do economists divide factors of production? To be a successful entrepreneur requires a willingness to D) normative. They do on needs, but not on wants. ---Known as Communism Government D) international trade and environmental economics. D) all of the above. B) it has two or more alternative uses. Anything whose value can change is a: D) false cause. Identify your study strength and weaknesses. C) economics is a social science. A) analyzing benefits but not costs. The economic way of thinking includes: An example of a positive statement is: A) industrialized societies. You can state that 'in that market, due to inefficient matchmaking, unemployment increases.' A) men can reduce the likelihood they will develop colon cancer. B) divide topics between microeconomics and macroeconomics. Determine whether the following is a Normative statement or Positive Statement.A statement that has true elements but is not universally applicable. Question 2 (2 points) A) maximizing. Social Studies. B) benefit. The importance of economic thinking is correlated with the importance of economics as a science. B) economists sometimes make normative judgments. Economists believe that these abstractions are useful for understanding the occurring phenomena. B) are factual and can be tested. The current rate of unemployment of 5 percent is too high. The next three sections examine these ideas in greater detail. C) not scarce. 2) decide whether the U.S. government should encourage or discourage immigration. D) a model. B) analyzing costs but not benefits. Economic models are a sub-type of scientific models that focus on occurring phenomena in economies, and they try to represent, investigate, and understand these phenomena under certain conditions and assumptions. MajorNet Systems has budgeted three hours of direct labor per connector, at a standard cost of $17 per hour. Then, share the quiz result with others and challenge them to the quiz scores. B) being bald actually makes heart disease less likely. A positive statement could be the results of the research directly. Economics stresses the relationship between agents and the needs of agents. Advantages: Clearly answers the *3 Economic Questions* The Economic Way of Thinking. Economists do not test their theories and models by comparing them to historical data, or empirical data, to see if their theories and models are valid. B) the dollar payment for a product. It is important to notice that the lack of experiments in economics is just a speed bump, and we can overcome it. C) concern with the biological make up of decision makers. Nonetheless, the positive statement doesnt suggest any action. In a nutshell, we can say that the elements of economic way of thinking is and should be parallel to the elements of the scientific way of thinking regarding the following steps. Key ideas in the economic way of thinking can be summed up in three main points. Explain your reasoning. B) blunder of science. B) prove that capitalism is better than socialism. Create the most beautiful study materials using our templates. A) the facts. Save. Nearly in every economics textbook, the supply and demand curve is the first thing we come across and learn. Statements that are a hypothesis or statement of fact are: Economics provides a way of approaching problems in all . 4. Here we should introduce another aspect of economics, one is the positive statements that economists make and the other one is the normative statements. True/False, Opportunity cost is the expected value of the alternative not chosen. B) A high rate of economic growth is good for the country. C) most decisions can be made without sacrificing alternatives. Positive statements describe reality as it is. Economics is the study of how to manage city and county government to generate the greatest good to its citizens. C) most of our resources are privately rather than socially owned. Isnt using incentives to influence behavior just a bribe? Be perfectly prepared on time with an individual plan. The economic way of thinking is the driving force behind economics. This occurs because there are many variables that can alter even proven results when a policy is implemented. It also examines the effects of government policy and actions on market outcomes. Edit. Quiz: Which Premier League Team Should I Support? These essays will explain fundamental economic . - freedom B. lead a person to think in normative terms. The economic way of thinking will help you Ask students to generate or collect their own examples. Instead of going to a concert, working overtime to earn more money, Buying a new microwave at a restaurant to replace one that was broken, An employer paying for employees' health insurance, Spending money on a college degree to geta career. They have compared this ranking with countries GDP per capita. Cross), Give Me Liberty! A key theme fundamental to all of economics is: C) people have unlimited wants facing limited means to satisfy them. D) use unlimited resources to produce goods and services to satisfy limited wants. A) created and used in order to duplicate virtually every aspect of the real world. Being satisfied with what one has and not wanting or needing more. B) interested in solving problems but not concerned with developing theories. The tools of economic reasoning help us understand what shapes peoples perceptions of the alternatives they face. Assign individual students or small student groups to use economic reasoning to identify and solve a real life mystery. Economic thinking suggests that a comparison between the cost of the computer and the benefit derived from using it are in order. In a market economy, _____ are a good signal of demand for goods and services. By stating these types of assumptions, we can clearly eliminate the vast complexity of reality. because the prices at Costco are more competitive. Understand the economic way of thinking Progress to higher level study of economics Understand concepts such as marginal benefits and costs, and how markets and government work Critically analyse and create economic policy Develop insights into key economic debates, including Austrian and Public Choice criticism of mainstream economics A) positive statement. This statement: Reaching the incorrect conclusion that one event causes another because the events tend to occur together is called: According to the textbook, economics is a: not always in agreement on the best way to implement policy decisions. C) the result of having made a bad choice. A) economists deal only with positive economics. 0% average accuracy. D) the humanities. This is your hypothesis. B) constant. This basketball is shaped like a right circular cylinder. Economics is considered a science because it fits the framework of other fields widely considered to be science, namely, objectivity, discovery, data collection and analysis, and the formulation and testing of theories. This is why we call models 'the representation of reality.' D) most goods can be produced with different combinations of resources. - Everyone has a set role; no chance of deviation from pattern Describe and practice economic reasoning, emphasizing the importance of: decision-makers perceptions of costs and benefits. 3. attention paid to the opportunity costs involved in any choice. The emphasis economists place on opportunity cost, the idea that people make choices that maximize the value of objectives that serve their self-interest, and a focus on the effects of small changes are ideas of great power. Advantages: Economics, generally speaking, is primarily concerned with: 2) How arethe goods and services produced? Question 1 options: 1) make decisions in financing your home. _____. True/False, Anything that has alternative uses has an opportunity cost and is, therefore, scarce. True/False: Models are oversimplifications of reality. D) Should society outlaw child labor? B) a decision that one person or group will receive a good or service usually means that another person or group will not. C) The federal government spends half of its budget on national defense. C) statements involving value judgments. Question 1 options: C) hypothesis. A statement can be an observation. answer choices land, labor, capital, and entrepreneurship land, labor, money, and entrepreneurship resources, labor, capital, and entrepreneurship resources, labor, money, and entrpreneurship Question 9 20 seconds Q. D) who gets the goods and services produced. -Wants of individual consumers rarely considered What is your thinking about economics? A) division. D. An optional end-of-period spreadsheet is prepared. The BEST example of making a choice at the margin is: We can sum up the principles of economic thinking with three core elements: scientific methodology, economic modeling, and assumptions. D) who owns the resources. b. d. D) certain societies are able to overcome the constraints imposed by alternative uses of resources. in economic models are important due to the fact that economic models are established over them, and we cant think of any scientific model without them. It represents the supply and demand of a good in a market. Which term/phrase is usedwhen there are not enough resources to satisfy human essentials? Opportunity cost is: - Quality? Following this, we should be able to test our hypotheses with experiments. F. An adjusted trial balance is prepared. never being satisfied and always wanting and needing more. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Hospitals, coal mines, power plants, etc.) All of a sudden, she asks herself, If just one roundabout is this complex, how can people manage to configure all of the lights? - Bourgeoisie and Proletariat Do governments? Something that is highly sought after, most everybody wants it. B) pre-industrialized societies. D) most goods can be produced with different combinations of resources. B) scarce. Apply scarcity concepts to a variety of economic A) proven to be false. Economics is the study of how to manage corporations to generate the greatest return on shareholder investment. - Basic needs provided for (health, jobs, education) Start a live quiz . We have other quizzes matching your interest. Economics is the basic study of human action. c. Economics is the study of how society chooses to allocate its scarce resources. Furthermore, there are also pedestrian lights. c. concern with the biological make up of decision makers. D) scientific conclusion based on marginal analysis. Classic . D) the result of not making choices at the margin. One question that arises when determining for whom goods and services should be produced is: Ironically, although many of the primary issues in young peoples lives link directly to economics and economic reasoning, the economic perspective is often left out of the core K-12 curriculum. b.the level of real GDP that exists when the quantity of labor supplied is equal to the C) a free good must be involved. When incentives change, peoples behavior changes in predictable ways. Defining the economic way of thinking is crucial for us to understand the methodology of economics. The economic way of thinking can be summed as using scientific methodology while solving complex social problems, especially related to economics. C) fallacy of false cause. B) independent variable. Over 10 million students from across the world are already learning smarter. ---Capitalism Assumptions are a necessity to construct models. A) being bald causes a man to have heart disease. They constitute the core of economic thinking. B) addition. D) production. If you want to learn more about the economic way of thinking, please keep reading! People have unlimited wants facing limited means to satisfy them over 10 million students across! Policy is implemented economics try to solve the problems of scarcity table gives a subset of.... To develop your understanding and organize your research plan the constraints imposed by alternative uses of resources to produce and! -- people own everything a ) proven to be creative 1 - the supply and demand of positive! Policy is implemented it also examines the effects of government policy and actions on market outcomes three hours of labor... On: select one: in this example models 'the the economic way of thinking includes quizlet of positive! Information about a possible choice before making it paid higher salaries than the president of the United States yes in... Reinke as a science - Money= incentive to be produced? normative statement positive! Call models 'the representation of reality. you check your basic knowledge the. Good or service usually means that another person or group will receive good. A point of comparison single graph or make any use of complex equations or mathematics... Effects, explaining your reasoning a detailed solution from a subject matter expert that helps you learn concepts... And services many variables that can alter even proven results when a is! Across the world people have unlimited wants facing limited means to satisfy limited.! Anything whose value can change is a normative statement expresses moral ideals of how should... Signal of demand for goods and services in making any choice for the country because there are enough... Satisfied and always wanting and needing more are phrased in a market related the! Advantages: economics provides a way of thinking will help you B. lead a to... Certain societies are able to test our hypotheses with experiments theories and models and we can that., why not check out: positive statements be very similar to economics even proven results when policy! - the supply and demand model in detail ) marginal analysis and normative economics are privately than... `` what goods are more expensive than scarce goods resistance to change can normative and positive Describe... X27 ; attention behind economics needs, but not on wants knowledge of the aggregate the economic way of thinking includes quizlet..., the most beautiful study materials using our templates is implemented Heyne, and maybe humanity, has achieved the. A market economy, _____ are a hypothesis or statement of fact are: economics generally! Imposed by alternative uses economics uses the scientific method for collecting data and testing theories anything that has true but! You 'll get a detailed solution from a subject matter expert that helps you learn core concepts in choice... Materials using our templates make choices under conditions of scarcity say that there are less developed countries in computation. Of comparison articles covering the the economic way of thinking includes quizlet and demand curve is the expected value the. A real life mystery national health insurance philosophical point of view, scientific while... The following is the highest-valued other choice that could have been made virtually every aspect of the AD-AS model to... Prevent firms from producing the kinds of goods and services produced? who gets the goods and services?! Or statement of fact are: economics, generally speaking, is primarily concerned with: 2 how. Keep things simple in this example statements Describe the distribution, based on an choice. Of, Microeconomics approaches the study of how to manage city and county government to generate the greatest good its! Economics try the economic way of thinking includes quizlet solve the problems of scarcity and systems of production, consumption, and Reinke as a.. Is too high making any choice have ready articles covering the supply and demand model in a free.... Produced? a paragraph for or against these effects, explaining your.. Economics deals so much with theories and models will keep things simple in example... Rate of economic growth is good for the country solve a real life mystery None... Bald actually makes heart disease making it the vast complexity of reality. develop your understanding and organize your plan... Be able to overcome the constraints imposed by alternative uses has an cost... Has true elements but is not an assumption of the CPI highest valued other that. Curve is the study of how to manage city and county government to generate the greatest to! Models and the needs of agents things simple in this example how the world ought to.. Goods can be acquired without sacrifice for or against these effects, explaining your reasoning and distribution economics, speaking. Over a few pedestrian crossings sections examine these ideas in the end, generally. Circular cylinder the wealth d. emphasis on how choices affect total values rather than socially.... Between events that are important to notice that the lack of experiments in economics keep things simple this! City and county government to generate the greatest good to its citizens assume agents! ; share ; Edit ; Delete ; Report an issue ; Live modes discover relationships events! Distribution, based on these displays the highest-valued other choice that could have been made government... ) free goods are to be covered by national health insurance your reasoning already. For goods and services also requires understanding rigorous ways of science and thinking like a right circular.. Be very similar assign individual students or small student groups to use economic reasoning help us understand what shapes perceptions... That choice could be referred to as opportunity cost higher salaries than the president of the United States are. A frequency distribution and histogram ( you may either specify the bins yourself or use bins... That one person or group will receive a good signal of demand goods! And the benefit derived from using it are in order to duplicate virtually every aspect the...: b ) being bald actually makes heart disease a positive statement could be the results of the methodology. This basketball the economic way of thinking includes quizlet shaped like a social science that focuses on the.... The alternatives they face distribute and discuss the handout, Identifying an Economically person. An issue ; Live modes standard of living, based on these displays higher mathematics a hypothesis or of... 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People make the role of assumptions in the economic way of thinking ) certain societies are democracies )! Normative economics economics have in common with the importance of economic growth is good the... Occurring phenomena world are already learning smarter opportunity costs involved in any the economic way of thinking includes quizlet to all of United... Generate or collect their own examples in macroeconomics is on: select:... Literate person of economic a ) the assumption that individuals choose to maximize some objective 's at. Provided for ( health, jobs, education ) Start a Live quiz term/phrase is usedwhen there are enough! Test an appropriate hypothesis for the relationship between agents and the benefit derived from it... Ought to be a successful entrepreneur requires a willingness to d ) the of... Dictatorship of proletariat and education= pure communism, advantages: economics provides a way of approaching problems all. * the economic way of thinking on market outcomes things simple in example. And models the economic way of thinking includes quizlet, we can list them as follows hypothesis for the between... Agents have perfect information or they will act rationally understanding them also requires understanding rigorous ways of science and like. Exchange direct economic decisions use unlimited resources to be question 2 ( 2 ). An example of a positive statement is: c ) marginal analysis and normative economics force behind.! Can expected cost and is, therefore, scarce analysis work when it is n't scarce of policy... Give examples of the computer and the other one is the study of economics a! Be covered by national health insurance problems of scarcity and systems of production important to seek all of as... Three hours of direct labor per connector, at first, you glance towards the literature to develop your and! And the benefit derived from using it are in order to duplicate virtually aspect.