Significant that economics is not a laboratory science
Why is it significant that economics is not a laboratory science? What problems may be evolved in deriving and applying economic principles?
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Because the world of reality is cluttered with innumerable interrelated facts, researchers must be highly selective in gathering information. They must determine which facts are relevant to the problem under consideration. But even when this sorting process is complete, the relevant information may at first seem random and unrelated.
The economist seeks principles—generalizations about the way individuals and institutions behave. Deriving principles is called theoretical economics or economic analysis. The role of economic theorizing or economic analysis is to systematically arrange facts, interpret them, and generalize from them.
What are the main sources of growth?
Explain the statements: Entrepreneurs and business are at the helm of the economy.
Contrast how a market system and a command economy try to cope with economic scarcity?
Elucidate the changing rates of Appreciation and Depreciation?
Speculators decrease price volatility through, in effect, changing demand curves: (w) out at low prices, and shifting supply curves out at high prices. (x) out at low prices, and shifting supply curves within at low p
Comment on the following statement from a newspaper article: “Our junior high school serves a splendid hot meal for $1 without costing the taxpayers anything, thanks in part to a government subsidy.”
Illustrate Competition among buyers and sellers is a controlling mechanism?
Briefly explain the use of graphs as a way to present economic relationships. What is an inverse relationship?
Explain of the law of demand?
Why businesses are not really “free” to produce what they wish?
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