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The Key Concepts in Economics

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Assignment 1: The Key Concepts in Economics
Markisha Dill
William Creamer
Principle Of Economics
May 31, 2015

Before sitting down to complete this assignment, I thought thoroughly about economics as a whole. My interest was whether economics was considered an exact since, i.e. Mathematics. Economics has been described as a science, numerous times. So in my search to find out whether economics was a science, I looked at an online dictionary to see how these words were defined. First I looked at economics. The definition stated, “Economics is a social science concerned chiefly with description and analysis of the production, distribution and consumption of services and goods. Then I looked for the word “science”. Science was defined as knowledge or a system of knowledge covering general truths or the observation of general laws, especially as obtained and tested through scientific method. Both of these definitions together made me think that economics may just be a science. But then I thought about how science can be mostly fact and how economics involves people, who are extremely unpredictable. So I looked up the word “social”. Social was defined as “relating to human society, the interaction of the individual and the group or the welfare of human beings as members of society. This word better describes economics. And if you look in the definition of economics, you see the word social science. But I do not agree with the idea that economics is a exact science. You can have a general thought about a certain demographic but you will never have factual information about how they will react. People react with too much variation to have their production, distribution and, most of all, consumption to be considered an exact science. I believe that economics is an on-going social experiment.
Deardilla (2012) gives a thorough insight to 10 Things In Economics...

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