Question

Is economics a science? Why, or why not? what is science and what is economics?

Answer 1

Yes, Economics is defined as a science in part because it utilizes and use the scientific method: theory and observation, an iterative process. Due to economics being a social science, it is often harder than traditional science to collect and analyze data.

Economics is defined as the branch of knowledge concerned with the production, consumption and transfer of wealth or simply the study of how we choose to use scarce resources in order to satisfy our wants

science is defined as a way of learning about the natural world and the knowledge gained through the process.

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