Into To Economics Notes 11/2/02 Stocks & flows and other comparisons
Created | Updated May 23, 2003
This ene
Stock variable : the amount of any thing existing at a pariicular time.
Flow: is a change in a stock during a particular time.
Note a flow always has a time dimention
Positive vs Normative
Positive statment : refers to some fact. It's about what was is or will be. It can be verified.
Normative statment: an opinon of value jugement. It refers to what out to be. Can not be verified.
Positve economics deals with how the economy functions.
Micro vrs Macro
Micro economics is the study of individul units that make up the economy, sutch as individual house holds, companies, individuals. It is also cnown as price theory
Macro economic is the study of broad economic aggregates sutch as, total employmet, total production, mony suplied, total income.
Earlier Notes A711578 Later Notes
Stock variable : the amount of any thing existing at a pariicular time.
Flow: is a change in a stock during a particular time.
Note a flow always has a time dimention
Positive vs Normative
Positive statment : refers to some fact. It's about what was is or will be. It can be verified.
Normative statment: an opinon of value jugement. It refers to what out to be. Can not be verified.
Positve economics deals with how the economy functions.
Micro vrs Macro
Micro economics is the study of individul units that make up the economy, sutch as individual house holds, companies, individuals. It is also cnown as price theory
Macro economic is the study of broad economic aggregates sutch as, total employmet, total production, mony suplied, total income.
Earlier Notes A711578 Later Notes
