0
In economics we cannot accurately predict what individuals will do but only what people in general will do why?
Wiki User
∙ 7y agoWant this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
Do economic models always accurately predict economic behavior?
No, economic models don't always predict economic behavior because models are based on assumptions, or things that we take for granted as true.
Is normative economics concerned with the use of the scientific method to establish well-tested explanations for economic behavior?
Yes, it is. Economics as a field is very concerned with using the scientific method to explain and predict behavior.
It is possible to accurately predict when changes will occur in the economy?
If Ur taking FLVS, Its FALSE!! I put true and got it wrong, so its False!!
How is economics related to Psychology?
Economics is the science of human action. Psychology is the study of the human mind. Psychology tells me why I prefer the a quiet nap to mowing a lawn that needs mowing (perhaps my mother hit me with a starter cord as a small child). Economics can predict my behavior because of that fact (I will cosume leisure over labor and forego the current costs).
Is economics a science or social science?
All social sciences, including economics, involve elements of science (the ability to predict) and elements of non-science. Economics is "scientific" to the extent that it involves elements -- such as the theory of supply and demand -- that predict actual, empirical, events pretty well. But the complexity of human life in society and the difficulty of studying the economy from the inside make it difficult for economists to develop completely predictive theory for all aspects of the economy. Thus, it is common for normative (or ethical) elements to creep into standard economics, as with the faith that "free markets" are the best solution to almost all human problems -- or the contrasting technocratic vision.
Why are all economics seeking to become more developed?
With the advent of more innovative ideas,the economists can now predict the health of an economy more accurately,there helping it to tide over the difficult situation. So, it is the general tendency of all economics to become more updated, developed.
How accurately can you predict water temperature?
You can predict water temperature accurately by using a water thermometer.
Did the myans predict the weather?
Not accurately.
Will Random sample always accurately predict the outcomes of an entire population?
No. Only a census can ACCURATELY predict the outcomes: a random sample cannot.
Is it possible to predict Geohazards?
Yes but not accurately.
Who could not predict the movements of the planets accurately?
Aristrotle
What is the future of Africa?
The future is difficult to predict accurately (but very easy to predict inaccurately) so allow me to predict that Africa is facing a difficult future.
True or false geologists can predict accurately where and when an earthquake will strike?
false.
How will the future tv affect us in the future?
No one can accurately predict the effects it may have.
Which statement describes what the Greeks believed about the Oracle of Delphi?
She could accurately predict the future. (K12)
Can publicly available financial statements be used to accurately predict future stock price movements?
no
What are 4 different signs in the sky that allow people to predict weather fairly accurately?
CloudsWind directionhumiditytemperature
