Which one of the following statements best explains
economics?
●
● [1] Economics is a study of rocks.
● [2] Economics is a study of living things.
● [3] Economics is a natural science.
● [4] Economics is not concerned with scarcity.
● [5] Economics is an empirical science
● Define Economics as a subject
● Describe Economics as a science
● Discuss the economic problem
● Define opportunity cost
● Illustrate graphically a PPC-curve and interpret it
● Differentiate between normative and positive
statements
● Differentiate between levels and rate of change
0
, ECONOMICS AS A SCIENCE
● The scientific fields of study are:
– Natural science e.g. astronomy, chemistry, etc.
● Set laws which always hold.
– Human science e.g. psychology, sociology, economics, etc.
● Man central concept, no set laws.
● Economics is that part of the human sciences which studies
human actions - therefore a social sciences
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