Podcast
Questions and Answers
What method starts with specific observations and moves to general principles?
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?
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?
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?
What is the primary focus of normative reasoning?
Which of the following reasoning aligns with 'what is'?
Which of the following reasoning aligns with 'what is'?
Which of the following reasoning reflects 'what should be'?
Which of the following reasoning reflects 'what should be'?
What kind of data does the inductive method rely on?
What kind of data does the inductive method rely on?
Which method uses logical reasoning to derive conclusions?
Which method uses logical reasoning to derive conclusions?
Which of the following is an example of positive reasoning?
Which of the following is an example of positive reasoning?
Flashcards
Inductive Method
Inductive Method
Starts with specific observations and moves to general principles, using real-world data to develop economic theories.
Deductive Method
Deductive Method
Begins with established theories and applies them to specific cases, using logical reasoning to derive conclusions.
Positive Reasoning
Positive Reasoning
Focuses on facts and objective analysis, describing 'what is' without personal opinions or value judgments.
Normative Reasoning
Normative Reasoning
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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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Description
Economics employs inductive and deductive methods. The inductive method uses specific observations to develop theories, while the deductive method applies existing theories to specific cases. Positive reasoning focuses on facts, while normative reasoning incorporates value judgments.
