Pick a Concept for Which It Would Make Sense to Measure

question 8

Essay

Pick a concept for which it would make sense to measure using a composite variable.In no less than three sentences,explain why you would want to use a composite measure for this concept (as opposed to a single measure).

Differentiate between positive and normative statements and their roles in economics.

Recognize the difference between microeconomics and macroeconomics.

Understand the role of technological advances in economic growth and production.

Understand the specific roles of information systems like MIS in daily managerial decision-making.

---

Definitions:

Conformity

Adjusting our behavior or thinking to coincide with a group standard.

Basic Trust

A concept introduced by Erik Erikson referring to an essential feeling of trust towards the world, developed during the first year of life.

Identity

A person's sense of self, defined by their individual characteristics, beliefs, and relationships with others.

Autonomy

The ability or right to make one's own decisions without interference from others.