1.1.1 Economics as a Social Science

Why is econ considered a social science?

it studies societies and human interactions within those societies

Why do economists build models?

To better understand certain interactions

what is a model?

A simplified version of reality

What is an assumption?

A generalisation about behaviours, choices and likely outcomes

Why do economists make assumptions?

To account for complex human behaviour and constantly changing vrariables

What is Ceteris Paribus and why is t used in economics?

All other variables remain constant. Used due to a large number of variables that can influence any particular economic interaction in society

What are the steps of a social scientific method?

-Define a question to investigate

-Develop a hypothesis

-Conduct empirical research

-Gather data

-Analyse the data

-Report the conclusions

Why are we unable to make scientific experiments in economics?

We cannot replicate our results time and time again in the same way you can in a scientific experiment

What is empirical reasearch and how is it collected?

Collected through observations, surveys, opinion polls etc. Can different significantly based on the reader chess, the time period, or if different places and cultures

How and economic models developed

Once a hypothesis has been repeatedly proven or rejected in different circumstances