Objectives
       • Demonstrate how and why 
       economists use economic models
       • Understand how and why economists 
       use statistics, charts, tables, and 
       graphs
       • Compare macroeconomics to 
       microeconomics
       • Contrast positive economics with 
       normative economics
         Discussion
  What kind of data do you encounter in your 
   daily lives?  
  The ability to interpret data in different  formats 
   is an essential skill in an increasingly 
   technological world.
       Working with Data
  • Economics is something we use in everyday 
   life.  Economists study how individuals, 
   businesses, and government  officials make 
   economic decisions.  
  • Statistics: numerical data or information. 
   Economists use statistics to see patterns of 
   behavior. 
      Evaluating Statistics
  • Task: Evaluate statistics by determining the 
   mean, median, and mode
  • Activity:  
  • You will be divided into three groups and 
   review the following statistics.
      Charity Information
  • Below is the yearly charitable giving by 
   families living on Wilcox Avenue.
  • Family A: $15; Family B: $0; Family C: $50; 
   Family D: $100; Family E: $15; Family F: $45; 
   Family G: $5,000/ Group 1 find the mean 
   (total donations and divide by the number of 
   families); Group 2 find the median (place 
   numbers in value order and identify number in 
   the middle); Group 3 find the mode (identify 
   which number appears most often)