Principles of Economics, 7th Edition

Published by South-Western College
ISBN 10: 128516587X
ISBN 13: 978-1-28516-587-5

Chapter 2 - Part I - Thinking Like an Economist - Questions for Review: 1

Answer

Economics is objective and follows the scientific method.

Work Step by Step

Economics is a social science, which means it explores choices and decisions that individuals are likely to make. It follows the scientific method because it observes data or trends and then tests hypotheses based on these data. Economics is also a science because it uses graphs and models, such as the circular flow of income model.
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