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- Economics is a social science that examines how people choose among the alternatives available to them. It is social because it involves people and their behavior. It is a science because it uses, as much as possible, a scientific approach in its investigation of choices.
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Study with Quizlet and memorize flashcards containing terms like What is the margin?, What is the choice at the margin?, Microeconomics and more.
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Economics is the study of how people seek to satisfy their...
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Select the items below that describe the field of economics. Economics: ~is a social science~. ~focuses on decision making~. ~involves consumers and producers~. water and food are examples of _____. needs. Extra pairs of shoes and music downloads are examples of _____. wants.
