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Running head: PRINCIPLES OF ECONOMICS
Principles of Economics
PRINCIPLES OF ECONOMICS
Economists are scientists because they development models and hypotheses that can be
tested by using data (Stonecash & Mankiw, 2011). The models result in predictions, and
sometimes these are off the mark. Data allow an economist to describe what people do, this is
called positive economics, for examples, by how much does petroleum consumption change if
the gas tax is changed? Economists also recommend what ought to be done, called normative
economics. For example, should the petroleum tax be changed? What are the effects of legalizing
abortion (positive)? Should abortion be legalized (normative)? (Stonecash & Mankiw, 2011).
Perhaps one of the major contributions of economists is that they contributive to identifying
winners and losers from public policy changes think increasing the minimum wage, and private
market changes, think the sale of Budweiser to a foreign company. Private mark...