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Why economics considered to be a science?
Science can be defined as knowledge gained by observing and testing facts. In economics, economists observe various economic events and try to find patterns and form theories about the events, and then they test their theories before they apply them.
Introduction to micro economics?
Economics is a social science which study how human being make choice to use scarce or limited resources to satisfies their unlimited choices. The word economics has been derived from two Greek words '' oikos ' means household and 'Nemien' means management.Thus the economics means management of household wants of each people are unlimited but most of the means to satisfies them like food and cloth etc are limited or scarce.Thus faced with scarcity people while managing the household must make choice people cannot have every things that they wants.So they have to choose among the available alternatives because scarcity forces people to choose. The economics is sometimes called science of choice science that explain the choice that people make and predicts how changes in circumstances affect their choices.
What do points below the curve represent Above the curve?
Points below a curve on a graph typically represent outcomes or values that are less than what the curve predicts or indicates. In contrast, points above the curve signify outcomes that exceed the predictions made by the curve. This can be particularly relevant in contexts like economics, where curves may represent supply and demand, or in statistics, where they might illustrate expected versus actual results. Overall, the position of points relative to the curve provides insight into performance or deviations from expected trends.
What is Supply and demand economics?
In economics, supply and demand describes market relations between prospective sellers and buyers of a good. The supply and demand model determines price and quantity sold in a market. This model is fundamental in microeconomic analysis, and is used as a foundation for other economic models and theories. It predicts that in a competitive market, price will function to equalize the quantity demanded by consumers, and the quantity supplied by producers, resulting in an economic equilibrium of price and quantity. The model incorporates other factors changing equilibrium as a shift of demand and/or supply.
Why are economics important?
Economics provides you with the knowledge and insight necessary to understand the impact of developments in business, society and the world economy. It enables you to understand the decisions of households, firms and governments based on human behaviour, beliefs, structure, constraints and need.A social science dealing with interrelationships and predictions (estimates) of production, distribution of good and services, economics helps us with our daily routines (Micro-economics) or our planning for the entire economy (Macro-economics.)Microeconomics is focused on the actions of individual agents, such as individuals, businesses and consumers; how their behavior determines prices ; balancing budgets; and accounting.Macroeconomicsstudies overall economic activity such as, aggregated indicators (Gross Domestic Production, unemployment rates, and price indices) to understand how the whole economy functions.Macroeconomists develop models that explain the relationships among various economic factors (national income, output, consumption, unemployment, inflation, savings, investment, international trade and international finance).With that said, economics is important because it approximates and predicts economic behavior, be it individual or national or international.because it shows the world how the country has been improving in its assets
What is the name of a scientists who predicts precipitation?
A meteorologist is a scientist who predicts precipitation, using data and models to forecast weather patterns.
What type of action verb is predicts?
The verb "predicts" is an action verb that indicates forecasting or estimating what will happen in the future based on current information or past patterns.
A scientist who predicts rainfall is called what?
A scientist who predicts rainfall is called a meteorologist specializing in climatology or rainfall forecasting. This scientist studies atmospheric conditions and weather patterns to make predictions about future rainfall in a particular region.
What does a forecaster do?
a forecaster studies the weathera forecaster observes weather patterns and predicts what the weather will be like. (generally correct)
What is the rajah predicting will happen?
The rajah predicts that there will be a bountiful harvest this year, as the weather patterns have been favorable and the crops are growing well. He also predicts that there may be some political unrest in the region, but ultimately peace will prevail.
When a meteorologist predicts the weather she makes a?
When a meteorologist predicts the weather, she makes a forecast based on current weather patterns, historical data, and computer models. The forecast is an educated prediction of what weather conditions are likely to occur in a specific area over a period of time.
What is the name of someone who predicts earthquakes?
The name of a person that predicts an earthquake is a mineralogist.
What is whites communication?
White's communication model is a model that predicts decisional outcomes. This particular model is typically used in many companies and businesses.
What is white model?
White's communication model is a model that predicts decisional outcomes. This particular model is typically used in many companies and businesses.
What is white model communication?
White's communication model is a model that predicts decisional outcomes. This particular model is typically used in many companies and businesses.
What were the 3 witches predictions for Macbeth?
The Second Witch predicts that Macbeth will be made Thane of Cawdor.The Third Witch predicts that Macbeth will become king.The Third Witch predicts that Banquo's descendants will become kings.
Is predicts an action or a linking verb?
no
