1.1.1 Economics as a Social Science Flashcards
1
Q
What is Ceteris Paribus?
A
Everything remains constant/equal except for one variable.
2
Q
Social science
A
A science which studies the behaviour of humans in trying to satisfy unlimited wants with limited resources.
3
Q
Economic model
A
Simplified versions of reality used to investigate an economic system to achieve a yes/no or true/false answer.
