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In studying economic principles, economists make use of a
In studying economic principles, economists make use of
a. both the economic perspective and the scientific method.
b. the economic perspective but not the scientific method.
c. the scientific method but not the economic perspective.
d. neither the scientific method nor the economic perspective.
Expert Solution
- In studying economic principles, economists make use of a. both the economic perspective and the scientific method.
Economic perspective helps indicate the effects of the market or economy if several factors are not considered. Some factors may not be captured in a scientific study in relation to markets, but can be captured clearly and effectively using economic concepts.
On the other hand, the scientific method helps ensure that the market or economy procedures are practical and can work based on specific scientific considerations. Economics is basically a branch of science, meaning that it has to consider the scientific part of the economy for effectiveness, efficiency, precise analysis, and interpretation.
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