Answer to Question #251152 in Microeconomics for rico

Question

in what ways is econoics a science

Answer 1

Solution:

Economics is a science since it studies the information flow in society. There is no more important scientific concept than information. To study information is to study science, and there is no better reason to claim to be a scientist than to study the flow of information in a society.

 

Economics is the scientific study of the ownership, use, and exchange of scarce resources, also known as the science of scarcity. Economics is classified as a social science because it employs scientific methods to develop theories that can help explain the behavior of individuals, groups, and organizations. Economics attempts to explain economic behavior that occurs when scarce resources are exchanged.