chapter 1.1.1 economics as a social science questions Flashcards
1
Q
is economics a social science and if so why ?
A
yes it is as it studies society’s and relationships between people
2
Q
what are assumptions
A
assumptions are initial or prior conditions made before a micro or macroeconomic analysis is built
and sometimes assumptions are used for simplification of a theoretical idea or an ecenomic relationship
3
Q
what is ceteris paribus assumption
A
which all other influencing factors are held constant
