Question

5 sentences at least and it needs to be detailed please this is for microeconomics

Answer 1

Definition of science.Science is study of knowledge and facts which develops the correlation-ship between cause and effect.Eg.Newton's Law of Gravitation.

1.Economics also is a systematic study of knowledge and facts of human behavior and problems related to wealth. On the basis of this study only a country's economy is managed by economists.

2.Science develops correlation between cause and effect .Newton's Law of Gravitation says the cause and effect. In economics also we study cause and effect.Demand and Supply Laws.When price rises demand falls and when price falls demand rises.Same cause and effect relation is seen in Law of Supply also.

3.Universally accepted.Scientific laws are accepted all over the world.In economics also laws are universally accepted.Example.Law of Consumption ,Laws of Production.It can be proved anywhere in the world

4.Measurement.Many units are used in science like meter, kilograms, liter .In economics also we use the unit ,that is money.We measure every thing in economics in terms of money.

5.Future predictions.Science can make predictions.In economics also we can forecast future by using statistical and non-statistical tools like mean, median etc.Rate of employment, Rate of growth of GDP of a country are examples.

But Economics can not be a perfect science as it deals with human behavior which varies from person to person.It can not be tested in laboratory like sciences.