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Presentation On Economic Methodology

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Published in: Economics
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The first lesson of A-Level Economics in our globally used economics course. For more, visit our website.

Adam S / Abu Dhabi

6 years of teaching experience

Qualification: BSc Economics, PGCE

Teaches: Economics

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  1. AQAZ ö.o.ö AQA ECONOMICS AS-Level Micro (3.1.1) THE ECON TAILORS
  2. ECONOMIC METHODOLOGY LEARNING OBJECTIVES FOR THIS SECTION: 3 1 1 1 — Economic Methodology • Economics as a social science. • Similarities to and differences in methodology from natural and other sciences. The difference between positive and normative statements. • How value judgements influence economic decision making and policy. THEECONTAILORS
  3. -THINKING ABOUT MONEY • Let's say I gave you [2000 right now.VVrite down all the things you would want to buy. • If $2000 was your monthly salary before tax, how much would you actually get after tax? • What if you were given L 2000 to spend, but you were tasked with "do the greatest amount of good in your community"? • If you were given that L 2000 to invest, what would you invest in? How would you invest this capital? THEECONTAILORS
  4. MONEY AND ECONOMICS Money can be used to buy nearly everything and anything. In economics, we use money to satisfy our needs and wants as consumers. Therefore, economics is a study of how we use our resources such as the money we have, the skills we have and even our time. • If you earnt {9 an hour, how many hours would you work in a year? • Would this change if you earnt Ll ,000 an hour? Discuss. THEECONTAILORS
  5. ECONOMICS ISA SOCIAL SCIENCE What is the difference between biology as a science, and economics? Ignore actual content for this discussion. Economists cannot conduct scientific experiments, like in the natural sciences, so models are devised. Economists then use real-life scenarios to build these models upon, and assumptions are made with the models. What problems do you think this may cause? Explain. THEECONTAILORS
  6. POSITIVE-AND NORMATIVE STATEMENTS As economists, we need to be able to identify the difference between factual statements and opinionated statements. This is critical as it can influence opinions, behaviour of the masses and government policies. • A positive statement is a statement of fact that can/could be tested to see if it is correct or incorrect. • A normative statement is a statement that includes a value judgement. Its 'rightness' or 'wrongness' depends on your individual beliefs and values. Can you provide an example for each of these? THEECONTAILORS
  7. TASK: POSITIVE & NORMATIVE STATEMENTS Read the following statements: The UK spends {45 billion on defence. Colchester will require at least one more primary school by 2020. The government should reduce the overseas aid budget. If pensions are cut, more old people will die in winter months. The government must devote more resources to healthcare. People buy Apple products because they are more expensive. Comprehensive schooling is better than selective schooling. Can you separate the statements above into two categories? THEECONTAILORS
  8. SOLUTIONS: POSITIVE & NORMATIVE STATEMENTS Positive statement The UK spends {45 billion on defence. • Colchester will require at least one more primary school by 2020. • If pensions are cut, more old people will die in winter months. • People buy Apple products because they are more expensive. THEECONTAILORS Normative statement The government should reduce the overseas aid budget. The government must devote more resources to healthcare. Comprehensive schooling is better than selective schooling.
  9. ECONOMIC AND POLITICAL CONFLICT Value judgements can influence economic decision making and policy. Different economists may make different judgements from the same statistic. For example, a national minimum wage can be seen as both beneficial and detrimental to an economy. As future economists, this gives rise to the importance of being able to distinguish between positive and normative statements, opinions and facts. u Many people who are unaware, fall prey to propaganda and can get easily influenced by false/opinionated evidence. THEECONTAILORS
  10. TASK: PLENARY DON'TBELlEVEEVERYIHINGYOUREADO\THES10EJfAB1js. VVatch the following video. Can you spot any positive or normative statements? How was persuasion used? Explain. VVhat are the negative implications of 'fake news'? How has the internet impacted the economy? THEECONTAILORS
  11. THANK YOU FOR USING OUR RESOURCES. THE ECON TAILORS Resources to suit your needs PLEASE CHECK OUT OUR FULL RANGE OF CONTENT AT: THE-ECONTAILORS.COM DISCOUNT CODE: tes66

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