1.1.1 Economics as a Social Science Flashcards
1
Q
What do economists use to develop theories?
A
Models
2
Q
What are the models based on?
A
Assumptions
3
Q
What is Ceteris Paribus?
A
When the effect of a change in one variable is considered, it is assumed that all other variables are held constant
4
Q
What is another phrase for Ceteris Paribus?
A
Everything made equal
5
Q
Why can’t economist conduct experiments?
A
Because economics is a social science that involves people
