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Methods and Tools of Economic Analysis

12 Lessons 17 mins

Topics:
a. Scientific Approach:
i. inductive and deductive methods
ii. positive and normative reasoning
b. Basic Tools
i. tables, charts and graphs
ii. measures of central tendency: mean, median and mode, and their applications.
iii. measures of dispersion; variance, standard deviation, range and their applications;
iv. merits and demerits of the tools.
Objectives:
Candidates should be able to:
(i) distinguish between the various forms of reasoning;
(ii) apply these forms of reasoning to real life situations;
(iii) use the tools to interpret economic data;
(iv) analyse economic data using the tools;
(v) assess the merits and demerits of the tools.

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