Principles of Economics
7th Edition
ISBN: 9781305156043
Author: N. Gregory Mankiw
Publisher: Cengage Learning US
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Question
Chapter 2, Problem 1QR
To determine
Inwhat way the subject economics is considered as a science.
Expert Solution & Answer
Explanation of Solution
The subject economics is a science. This is because economics is based on scientific methods and theories. Economists develop a theory only after scientifically analyzing data. They collect necessary data and analyze it to verify different policies and their impact. Thus, economics is a science.
Economics Concept Introduction
Concept introduction:
Economics: Economics is a social science which studies human behavior as a connection between ends and scarce resources which have multiple uses. In other words, economics focuses on the behavior and interactions of economic agents and how economies work.
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