1.1.1 Economics as a social science Flashcards
1
Q
Models
A
Economists use models to simplify and analyse complex economic situations.
2
Q
Assumptions
A
Initial or prior conditions made to help isolate the relationship between variables.
3
Q
Social science
A
The scientific study of societies and social interaction
4
Q
Ceteris paribus
A
“all other things held constant”
-Economists assume ceteris paribus to simplify their models
5
Q
A
