economics as a social science Flashcards
What is economics regarded as?
A social science
Economics studies human behavior and the management of scarce resources.
Why is economics considered a science?
It uses scientific methods to build theories
Economics formulates theories and tests them against evidence.
What does economics study?
Ownership, use, and exchange of scarce resources
This is often referred to as the science of scarcity.
Why is it argued that economics cannot be a science?
It studies human behavior which cannot be reduced to scientific laws
Unlike natural sciences, economists cannot conduct controlled experiments.
What are the primary methods economists use for research?
Observation and deduction
Economists also employ mathematical and statistical tools for analysis.
What is the ceteris paribus assumption?
The assumption that all other variables are held constant
This is used in building models to isolate the effects of one variable.
What is a model in economics?
A simplified view of complex relationships and processes
Models help economists make predictions about real-world behavior.
What does the PPF model represent?
A simplified version of reality regarding production possibilities
It illustrates the trade-offs between different goods in an economy.
Can economists conduct controlled experiments like chemists and biologists?
No
Economists rely on observational methods instead.
Fill in the blank: Economics is the scientific study of the ownership, use, and exchange of _______.
scarce resources
What is the primary focus of economic research?
Asking questions about the social world and addressing them with data
