- 1.1 What Is Economics? LO 1
- 1.2 The Complexity of Modern Economies LO 2, 3, 4
- 1.3 Is There an Alternative to the Market Economy? LO 5
G. Key Concepts
H. Study Exercises - Fill-in-the-Blank
- Review
- Problems
- 2 Economic Theories, Data, and Graphs
A. Chapter Outline
B. Learning Objectives (LO)
C. 2.1 Positive and Normative Statements - Disagreements Among Economists
D. 2.2 Building and Testing Economic Theories - What Are Theories?
a. Variables
b. Assumptions
a. Motives
b. Direction of Causation
c. Conditions of Application
c. Predictions - Testing Theories
a. Statistical Analysis
a. Correlation Versus Causation
E. 2.3 Economic Data - Index Numbers
a. How to Build an Index Number
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(Sean Pound)
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