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EC1203

Week 1

TermDefinition
Methodologies have their own assumptions and beliefs. True or False? True
What is The most dominant methodology called? Neoclassical Approach
What is the Neoclassical Approach? The Market is the central feature of this approach and assumes decisions are based on rationality and self-interest.
What is heterodox schools? When critics flaw the neoclassical approach
What is Empiricism? It requires the gathering of evidence and data to test a hypothesis
Inductive Reasoning A process of observation to form patterns, which then support hypothesis, leading to a theory.
Deductive Reasoning This process begins with a theory and leads to a hypothesis. Tested by observation.
What does assumptions allow us to do? To consider the relationship between one or more variables, while holding other factors constant
Art of Scientific Thinking To decide which assumptions are important and which are not
Created by: peadarbailey1206
 

 



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