Economics · Unit 1: Introduction to economics

EC1.2 — How do economists approach the world?

Economics · SL / HL · syllabus-mapped notes

1. EC1.2.1

   Economic methodology

   Distinguish positive from normative economics, explain the tools positive economics uses, hypotheses, models, ceteris paribus, empirical evidence and refutation, and separate equity from equality.

2. EC1.2.2

   Economic thought

   Trace how economic ideas developed from Adam Smith to behavioural economics and the circular economy, and what problem each school was answering.