1.1.1 Economics as a social science

Question 1

Economists need to make assumptions:

Answer 1

A key assumption made by most economists is that events occur with ceteris paribus, meaning all other things remain equal,

Question 2

What type of science is economics?

Answer 2

Economics is a social science so it is difficult to set up experiments to test hypotheses. Economists use real-life scenarios to build models upon, and assumptions are made with the models.