Write a 1 to 1.5 page (500-750 words) essay on the study of macroeconomics. In your paper, discuss economic theory versus reality, using normative and positive statements as an example of these.
Use your textbook and at least one other reliable source to find information. The online library and Google Scholar are both good options.
Structure your paper as follows:
- Intro paragraph (5 points) – provide overview of the information you will cover, including the following.
a. State your thesis (main idea) regarding the reason why it is important for someone in your field to have a basic understanding of macroeconomics.
b. Identify the three main points (listed below for body paragraphs) you will cover - Body paragraphs (15 points) – detailed description of each of the following as they relate to your thesis.
a. Study of economics:
• Based on what you have read in this class so far, how would you describe the study of economics to a friend who asked you about it?
• Why is it important for someone in your field to know about economics, even if it is on a fairly basic level?
b. Positive and normative statements
• Give one example each of a positive and a normative economic statement about the current economic situation.
• Describe the difference in the two statements and explain why it is important to understand the difference between normative and positive statements
c. Economic reality versus theory
• Describe the relationship between economic reality and economic theory.
• Relate your response to your discussion of normative and positive statements, including information about scarcity and what the term marginal means within the context of economics. - Summary (3 points)
a. Restate your thesis and provide a conclusion about your main points. - References page (3 points)
a. Provide a list of references; must include author, title, publication title, publication year, and source or retrieval information.
Sample Solution
