Why will you consider Economics a science? Explain the
three problems faced by economic
systems
Economics tends to use the the scientific methods to use this scarce resources to meet the unlimited demands and requirements. It is the scientific study that includes process of using the the scarce resources for meeting the unlimited demands.
Hence , economics is sometime considered as the science.
Following are three problem of economy :
1)
What to produce :
Resources are limited but demands are unlimited.economy has to decide what kind of goods and service must be produced and what kinds of goods and services should be sacrificed.
2)
How to produce
Wheather labour intensive technique should be used or capital intensive technique should be used.
3)
Whom to produce
How national income should be distributed among the citizens or people.
Why will you consider Economics a science? Explain the three problems faced by economic systems
1. Is economics a science? Why, or why not? As part of your response and explanation, include the definitions of “science” and “economics” as you understand them. 2. Create an economic model of rational crime. For example, imagine a burglar is deciding which house to break into or a car thief is deciding which car to steal. Explain assumptions of rationality by individuals or firms. What factors would a rational criminal take into account in deciding to commit a crime?...
Is economics a science? Why, or why not? As part of your response and explanation, include the definitions of “science” and “economics” as you understand them.
Is economics a science? Why, or why not? As part of your response and explanation, include the definitions of “science” and “economics” as you understand them.
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