Economic Method

This is basic notes for Economic Student for the introduction of the Economic . You will able to find the following topic in this video:
.Economic Method
.Model-building as an alternative to controlled experimentation
.Meaning of equilibrium
.Purposes of economic models
.Caveats with respect to economic models.
.Should the assumptions of a model be realistic?
.An important distinction separates “positive” and “normative” analysis.
.Evaluate the following statement.
.Ways of expressing an economic model.
.law of demand states
.economic relationships using functional notation
.Numerical representation of the law of demand.
.Graphical representation of law of demand.
.Order pairs plotted in a graph.
.Functions and graphs.
.An explicit version of our function.
.Interpreting the parameters
.Meaning of slope.
.A direct (and linear) relationship between x and y.
.Inverse relationship.
.Another direct and linear function.
.A special, important function.
.An “autonomous” variable

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