Economics is a social science that studies human behavior in the context of the production, distribution, and consumption of goods and services. It uses models and theories to make predictions about how people will behave under certain conditions. This makes it similar to other social sciences like sociology and psychology, which also seek to understand human behavior.

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Economics

Question 69

Multiple Choice

Economics:

A) is a natural science like biology and chemistry.
B) is a science built on survey data and declared preferences (what people say they are going to do) not on revealed preferences (how people actually behave) .
C) is a science concerned with reaching generalizations about human behavior, not unlike sociology or psychology.
D) is concerned with predicting business conditions in the future, not with the current state of the stock market.

Correct Answer: