Social economics as a Science

Mathematics

Economist use equation, tables, graphs and use statistics to clarify economic issues

Psychology

Economists analyze why humans act the way they do

Sociology

Economists try to understand the interaction among various economic units

Physics, chemistry, and biology

Enable the society to better manage its resources

Natural Sciences

Fields that are more inclined to Earth's natural objects and phenomena

y2-y1 / x1-x2 p2-p1 / q2-q1

Formula for slope formula in economics

Scientific method

Economics makes use of the________ to examine and explain how society makes choices regarding the use of scarce resources in order to respond to human wants

History

Economics rely on historical data particularly economic data

Ethics

Economist are Guided by the understanding of human conduct, character and values and making policy recommendations

Positive economics normative economics

Two types of analysis that economics engage in

Normative economics

Value-laden statements about what should be done

Gerardo Sicat

According the Filipino economist economics is the study of how individuals and Society generally makes choices that involve the use of scarce resources from among alternative wants that need to be satisfied

Paul Samuelson William Nordhaus

According to this 2 American Economist, economics is the study of how societies use scarce re sources to produce valuable Commodities and distribute them among different people

Lionel Robbins

According to this British economist, economics is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses

Science

Any systemic field of study that examines and explains observed phenomena

Social science

Economics is a what

Microeconomics macroeconomics

Economics is classified into two main branches what are they

History psychology sociology ethics physics/chemistry/biology mathematics

Economics is related to 6

Macroeconomics

Deals with economy as a whole

Microeconomics

Deals with the behavior of individuals in the market

Selecting a job spending income satisfying needs

Decisions made by members of the family

Positive economics

Describes and explains economics phenomena using various Concepts and ideas in economics

Oikonomia

Economics comes from the greek word what

Statistical data

Graphs to show how much variables change

First quadrant

In economics what quadrant is usually use

Variables

It is something measurable and shows the relationship of variables

Oikonomikos

It means Adept at financial matters

Oikonomia

It means household management

Oikos

It means household or family

Oikonomien

It means manage the household or perform household duties

Oikonomos

It means one who manages a household

Economic data

Leaders of the country use______ to formulate programs in laws that would help in improving the state of the economy

Overall prices, production and income

Macroeconomics studies what

Nemlen

Means management or distribution

Decisions of individuals how price changes effects of taxes on price and supply

Microeconomic studies what

Economics

One of the important fields it deals with decisions that lead to the satisfaction of human wants

Pie graph pictograph line graph bar graph

Other types of graph

Identifying the problem or question formation of the hypothesis Gathering and processing data strengthening the hypothesis making a conclusion

Scientific method

Economics

Study of how Society decides to allocate scarce resources among different alternative uses in order to satisfy the most important wants of people

Statistical graph

The grass being used are based on actual observations

Theoretical graph

The grass being used are hypothetical data and illustrate theoretical idea

Variables follow the steps in scientific method statistical Data

The new economic analysis, we will use 3

Paul Samuelson

The one who identified three fundamental questions that have to be addressed by any society

Economics

The science which studies human behavior as a relationship between ends and scarce means which have alternative uses

Economics

The study of how societies use scarce resources to produced valuable Commodities and distribute them among different people

What to produce and in what quantities how to produce for whom to produce

The three fundamental questions

Economics

This is systemic field of study that focuses on the interaction of different units of society

Social sciences

Those which are more inclined towards the study of individuals, groups and institutions that form a society

Quantity

X axis

Price

Y axis