Economic Methodologies

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Questions and Answers

What method starts with specific observations and moves to general principles?

  • Deductive Method
  • Positive Reasoning
  • Inductive Method (correct)
  • Normative Reasoning

Which method begins with established theories and applies them to specific cases?

  • Positive Reasoning
  • Deductive Method (correct)
  • Inductive Method
  • Normative Reasoning

Which type of reasoning focuses on facts and objective analysis?

  • Deductive Method
  • Normative Reasoning
  • Positive Reasoning (correct)
  • Inductive Method

What is the primary focus of normative reasoning?

<p>Value Judgments (D)</p> Signup and view all the answers

Which of the following reasoning aligns with 'what is'?

<p>Positive (A)</p> Signup and view all the answers

Which of the following reasoning reflects 'what should be'?

<p>Normative (B)</p> Signup and view all the answers

What kind of data does the inductive method rely on?

<p>Real-World Data (B)</p> Signup and view all the answers

Which method uses logical reasoning to derive conclusions?

<p>Deductive Method (C)</p> Signup and view all the answers

Which of the following is an example of positive reasoning?

<p>Increased government spending leads to higher inflation. (B)</p> Signup and view all the answers

Flashcards

Inductive Method

Starts with specific observations and moves to general principles, using real-world data to develop economic theories.

Deductive Method

Begins with established theories and applies them to specific cases, using logical reasoning to derive conclusions.

Positive Reasoning

Focuses on facts and objective analysis, describing 'what is' without personal opinions or value judgments.

Normative Reasoning

Involves judgments and opinions about what 'should be,' incorporating personal beliefs and values.

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Study Notes

  • Economics uses a scientific approach, employing both inductive and deductive methods.

Inductive Method

  • This method starts with specific observations
  • Moves to general principles.
  • Uses real-world data
  • Develops economic theories.

Deductive Method

  • Begins with established theories or principles
  • Applies them to specific cases
  • Uses logical reasoning
  • Derives conclusions.

Positive Reasoning

  • Focuses on facts
  • Uses objective analysis.
  • Describes "what is" without personal opinions.
  • Example: Inflation increases when the money supply grows rapidly.

Normative Reasoning

  • Involves judgments
  • Uses opinions about what should be.
  • Example: The government should reduce inflation to improve living standards.

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