Explain what economics is about

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Assignment - What is Economics Discussion

Imagine an audience consisting of non-economists who have never taken a single lecture on economics. i. Use your own words to explain what economics is about ii. Use your own words to explain what positive and normative approaches are and how they differ, using an example

Exercise 1: What is economics?

Imagine an audience consisting of non-economists who have never taken a single lecture on economics.

i. Use your own words to explain what economics is about

ii. Use your own words to explain what positive and normative approaches are and how they differ, using an example

Hint: Assuming that your family does not exclusively consists of economists, you may want to imagine a family gathering during which you are talking about your studies at MBSC and someone specifically asked to know more about economics. I know that such a scenario is unlikely in real life as it is difficult for me to imagine for "economics" to be a topic of discussion at family gatherings. But who knows! The important part of this exercise is to avoid definitions; use your own words. Please stay away from too much of abstraction. Rather, rely on specific examples that people outside of Executive MBA classroom can also relate to.

Reference no: EM133261702

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