Buy macroeconomics and microeconomics assignment
How do economists typically approach an economics-related problem?
2. What are the challenges that economists face in trying to describe an economic event?
3. What is meant by a relative price, and why is it important in certain situations to look at the
relative price of a good instead of the actual price of that good?
4. What does it mean for two variables to be correlated? What is the difference between positive and negative correlation?
5. Why doesn’t correlation imply causation? Can you come up with your own example of why
correlation does not imply causation?
6. Why do economists use economic models? Can you come up with some reasons why economists should be careful in using models?
7. What is the ceteris paribus assumption? Why is it so important in economics?
8. What is the difference between macroeconomics and microeconomics? Between positive
and normative economics?
9. What academic disciplines do you think of as being more scientific than economics? Why do
you think so? Which disciplines do you consider to be less scientific, and why?
10. Look through the research and teaching interests of the economics faculty members in your
department. Collectively, how wide-ranging are those interests? Were you surprised to find
that the tools of economics could be applied to a particular area?
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