2. 01 I want a full stomach! I want a fur coat! Let’s compromise… The bear ate the man…they both got what they wanted. What could possibly happen?
3. Don't ever start your day in neutral! Take the initiative Fight the issue not the person Take control of your day and life Be decisive BE STRONG & COURAGEOUS... Joshua 1:6-7,9 Source: JL Mason
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5. ECONOMICS is like… Cork-can-bottle opener Nescafe 3-1 coffee 3-in-1 printer, fax and photocopying machine SCIENCE SOCIAL SCIENCE ARTS
29. POSITIVE vs. NORMATIVE Statement of facts Statement of values You are entitled to your own opinion but you are not entitled to your own facts!
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32. Categorize whether the statement is a positive statement (A) or a normative statement (B)
33. MICRO ECONOMICS MACRO ECONOMICS 2 Branches/ Fields 2 Types of Analyses Positive “What is, was, will be” Normative “What ought to be?” SCIENCE SOCIAL SCIENCE ART “ Applied Economics” 3-1 Discipline Taxonomy of Economics
34. 1-2-3 HYPOTHESIS THEORY LAWS OR PRINCIPLES Statement that needs to be tested/proven As hypothesis is proven true, it evolves into a theory A well tested and accepted theory becomes a law or principle
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42. Group exercise 3 ounce 5 ounce 8 ounce The largest glass is full. What can you do to get 4 ounces of liquid into each of the larger two glasses?