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Wednesday, November 16, 2016

Economics Chapter-1 Introduction to Economics

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Economics Definition

Microeconomics Definition



Positive Economics: 
It means what is going on or what is actual situation.

Normative Economics:

It means that what should be or what ought to be.

Fallacy:

Fallacy means wrong idea or motion.
  1. Post hoc fallacy.: after this because of this
  2. Fallacy of composition.
Post hoc fallacy
  • When an event occurred after another event, it means first event caused for the 2nd event.
Fallacy of composition
  • What is true for a part that also true for whole and what is true for whole that also true for a part.

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