Economics as a social science Flashcards
1
Q
What is the key assumption economists make?
A
Assuming that events occur with CETERIS PARIBUS
2
Q
CETERIS PARIBUS
A
Assumption that all other variables are being held constant or equal, so nothing else changes.
3
Q
What can economists not conduct?
A
Scientific experiments
4
Q
What do economists devise instead of scientific experiments?
A
Models
5
Q
What do economists use after models are devised and to do what with?
A
Real-life scenarios to build these models upon, then assumptions are made with the models.
6
Q
What do theories that are agreed over time become?
A
Laws
