Why Is Economics Different from a "Hard" Science Like Physics

question 159

Multiple Choice

Why is economics different from a "hard" science like physics?

• A) Economists cannot easily control all the variables that might influence human behaviour.
• B) Economists have to control fewer variables than what is found in a physics experiment.
• C) Economic experiments are easier to conduct than those in physics.
• D) Economists abstract from reality in creating their theories.

Recognize the economic principles behind waste management and recycling efforts.

Assess the impact of innovative technologies on environmental policies and practices.

Identify the functions and roles of paralegals within the legal system.

Describe the certification and educational paths available to paralegals.

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Definitions:

MB = MC Decision Framework

A decision-making process where an action is taken if the marginal benefit (MB) is equal to or greater than the marginal cost (MC).

Interest-Rate Cost-of-Funds Curve

A graphical representation displaying the relationship between interest rates and the total cost of funds to a lending institution.

Marginal Cost Element

The increase in total cost that arises from producing one additional unit of a good or service.

MB = MC Decision Framework

A principle in economics where optimal decision-making is achieved when the marginal benefit (MB) of an action equals its marginal cost (MC).