1.3.1 Nature of economics
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Last updated 2:44 PM on 11/16/25
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4 Terms
1
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Economics as a social science
Study of human behavior
inability to conduct scientific experiments
2
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Purpose of modelling
Understand why something is + how to act
Often simplified (through assumptions) to make easier to build + draw conclusions from
3
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Ceteris paribus
Assumption that when measuring effect of changing one factor, all other factors that could affect result remain unchanged
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The scientific method
Hypothesis → gather evidence through controlled experiments to prove/refute
