Nature of economics 2 Flashcards
1
Q
what type of study is economics?
A
A social science
2
Q
What is a social science
A
study of societies and human behaviour using a variety of methods including scientific models
3
Q
What is Ceteris paribus
A
‘all other things remaining equal’
assumption holding all other factors constant
4
Q
Why is ceteris paribus needed
A
It is needed to be able to test economic variables and theories
