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level: Social Science and Statements

Questions and Answers List

level questions: Social Science and Statements

QuestionAnswer
Why is Economics seen as a Social Science?-Looks into how Humans Behave, Alone or in Organisations, and how they use Scarce Resources
How may Economics be similar to that of Natural Sciences?-Economics makes Theories to explain Events -Limit the Variables in an Investigation [Ceteris Paribus] -Test Theories and Models against Facts -Using Graphs, Statistics and Observations -Using Empirical [Data via Experiments or Observations] to improve Economic Models -Make Predictions
How may Economics be Different to that of Natural Sciences?-Economists can't do Laboratory Experiments where One Variable is Changed at a time - Logistically and Practically Impossible
What is Ceteris Paribus? How do Economists use it?-Ceteris Paribus is when 'all other things remaining equal' -Economists use this to have 2 Factors change and 'all other things remaining equal' that would otherwise Affect the Result -This allows Theories, Models and Predictions
How may Economic Decisions be based on?-Normative Statements: People's Opinion -Moral Views & Value Judgements: [Wealth should be shared as no one deserves to live in Poverty] -Political Judgement: Taxes falling --> Re-Elected? -Short Term Positive Consequence: No Concern of Long Term Consequences [Taxes falling to win but reducing Government Income]
What are Positive Statements and Normative Statements-POSITIVE Statement are Objective Statements that can be Tested via Current Evidence. They can show if the Economic Idea is True -NORMATIVE Statement are Subjective Statements that are simply Opinions. Important as Decision making and Gov Policy influenced by it - Political Party may raise Taxes to Distribute Income