Economics as a Social Science Flashcards
1
Q
what is a social science?
A
the study of society and relationships between people
2
Q
what is an economic model?
A
a simplified representation of a real-world economic situation
3
Q
why do economists use models?
A
the purpose of a model is to take a complex, real-world situation and pare it down to the essentials
4
Q
what does ceteris paribus mean?
A
with other conditions remaining the same, other things being equal
5
Q
why is it difficult for economists conduct scientific experiments?
A
economic experiments are often uncontrolled, making it difficult to isolate variables
