Principles of Microeconomics, 7th Edition

Published by South-Western College
ISBN 10: 128516590X
ISBN 13: 978-1-28516-590-5

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

Answer

Economics is like a science because, like other scientists, economists study the economy by devising theories, collecting data, and then analyzing these data in an attempt to verify or refute their theories.

Work Step by Step

Although economists may not use test tubes or telescopes like other scientists, they use the scientific method to study the economy by posing a theory about an aspect of the economy and then observing and collecting data to determine how accurate this theory is. For example, economists can test the theory that high inflation is caused by printing too much money and then collect data on prices and money from different countries to measure this theory.
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