Economics as a Social Science Flashcards
1
Q
What does Economics study?
A
The choices that people take under the conditions of scarcity and uncertainty.
2
Q
What are we always never sure of in Economics?
A
Since Economics is a social science, we’re never sure of the way in which people and businesses will respond to the changing circumstances around them.
3
Q
What does traditional economic theory assume?
A
It assumes that consumers seek to maximise satisfaction while businesses aim to maximise profit.
