Nature of economics - Theme 1

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  • Created by: Yzaman
  • Created on: 23-02-18 13:00
Define economics
the allocation of scarce resources to provide for unlimited human wants
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Define ceteris paribus
all other things being equal
2 of 5
Define social science
the study of societies and human behaviour using a variety of methods, including the scientific method
3 of 5
How is economics different to natural sciences?
in economics you cannot conduct scientific experiments like natural sciences, so models are devised.
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What do economist do with the models?
with the models they make assumptions.
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Other cards in this set

Card 2

Front

Define ceteris paribus

Back

all other things being equal

Card 3

Front

Define social science

Back

Preview of the front of card 3

Card 4

Front

How is economics different to natural sciences?

Back

Preview of the front of card 4

Card 5

Front

What do economist do with the models?

Back

Preview of the front of card 5

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