MICROECONOMICS-ACCESS CARD <CUSTOM>
MICROECONOMICS-ACCESS CARD <CUSTOM>
11th Edition
ISBN: 9781266285097
Author: Colander
Publisher: MCG CUSTOM
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Chapter 19, Problem 2IP
To determine

The validity of the statement that an economist knows the price of everything but the value of nothing.

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Why will economics never be an exact science?          No sciences are exact.          It studies the actions of people, and human behavior is very hard to predict.          You may not conduct experiments on people.          It is a physical science, and physical sciences are usually not exact.
What does it mean to think like an economist?
“Owen saw that the price of peaches had gone down, and so he decided to buy more peaches.” Based on this information, what does Owen's reaction reflect? Explain.
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