What's Economics?

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After listening twice the video "What`s Economics?" fill the gap of the video transcription.

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José Antonio Rodríguez Barreiro

Spain

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Compléter What's Economics?Version en ligne After listening twice the video "What`s Economics?" fill the gap of the video transcription. par José Antonio Rodríguez Barreiro 1 normative statistics behaviour judgements economics Positive Microeconomics resources economics markets The typical first - year student walks into his first class with very little idea of what is . He might have heard something like , " economics is the study of money " , or " economics is another word for accounting " , or " economics is hard , don't take that class " , but none of those are true . " Economics is the study of the use of scarce resources that have alternative uses . " That's the classic definition of economics . Basically , there are people , and people need resources to fulfil their desires . These cannot be infinite , but the desires can be , so people need to make choices about how to use their scarce resources . Economists study these choices . All economic questions fall into one of two categories : positive and normative . economics describes " what is " and normative economics argues for what ought to be , so a question like , " why do people use money ? " is a positive question and " should people use money ? " is a normative question . A general rule of thumb is that if your economic model has no value judgements , it's positive economics , and if it does have value it's economics , since to tell someone what he ought to do , you first have to judge what is best for him . Economics is also divided into microeconomics and macroeconomics . studies the behaviour of individual agents and markets , while macroeconomics studies the behaviour of the entire economy . Economists also have their own branch of called " econometrics " that's specialized to analyzing economic data . Since economic data usually comes from the real world , and not from controlled experiments , econometrics faces mathematical challenges that other fields might not . The tools economists have developed to study human have broad uses outside of what we would traditionally consider economics . Economists study not only , but things like crime , war , the family , religion , culture , politics , law , and even genetics . That's why it's not unusual to see papers by psychologists , sociologists , criminologists , political scientists , anthropologists , biologists , neuroscientists , or legal scholars being co - authored by economists .

Compléter

What's Economics?Version en ligne

After listening twice the video "What`s Economics?" fill the gap of the video transcription.

par José Antonio Rodríguez Barreiro

normative statistics behaviour judgements economics Positive Microeconomics resources economics markets

The typical first - year student walks into his first class with very little idea of what is . He might have heard something like , " economics is the study of money " , or " economics is another word for accounting " , or " economics is hard , don't take that class " , but none of those are true .

" Economics is the study of the use of scarce resources that have alternative uses . " That's the classic definition of economics . Basically , there are people , and people need resources to fulfil their desires . These cannot be infinite , but the desires can be , so people need to make choices about how to use their scarce resources . Economists study these choices .

All economic questions fall into one of two categories : positive and normative . economics describes " what is " and normative economics argues for what ought to be , so a question like , " why do people use money ? " is a positive question and " should people use money ? " is a normative question .

A general rule of thumb is that if your economic model has no value judgements , it's positive economics , and if it does have value it's economics , since to tell someone what he ought to do , you first have to judge what is best for him .

Economics is also divided into microeconomics and macroeconomics . studies the behaviour of individual agents and markets , while macroeconomics studies the behaviour of the entire economy .

Economists also have their own branch of called " econometrics " that's specialized to analyzing economic data . Since economic data usually comes from the real world , and not from controlled experiments , econometrics faces mathematical challenges that other fields might not .

The tools economists have developed to study human have broad uses outside of what we would traditionally consider economics . Economists study not only , but things like crime , war , the family , religion , culture , politics , law , and even genetics . That's why it's not unusual to see papers by psychologists , sociologists , criminologists , political scientists , anthropologists , biologists , neuroscientists , or legal scholars being co - authored by economists .

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What's Economics?

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What's Economics?Version en ligne

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