Question

1. Is economics a science? Why or why not? Your response should be less than 500 words long. (A good answer requires a clear and precise definition of science)

Answer 1

Economics is the scientific study of possession, utilization and distribution of scarce resources-often shortened to scarcity sciences. Economics is considered a social science because it uses scientific methods to construct hypotheses that can help explain people, groups and organizations ' behaviour. Economics attempts to explain economic behavior arising from the distribution of scarce resources. As far as research is concerned, economists, like other social scientists, can not conduct controlled experiments in the way that chemists and biologists do.

As the social sciences evolved over the last 100 years, they became more and more specialized. This is true for economics, as witnessed by the development of many different research lines including micro-and macro-economics, pure and applied economics, and industrial and financial economics. The attempt to understand how and why trade takes place, and how exchange produces benefits and costs for participants, is what binds them all together.

Economics is a social science and can not participate in guided experiments to demonstrate how variables are related, unlike physical sciences. Economic variables, including price and profits, are constantly changing in the real world, and this creates a problem in illustrating the relationship between variables. For example, if we assume that nothing else changes, a decrease in price is likely to lead to a rise in consumer demand.