01.+What+is+Economics?

=What is Economics? = Here are some descriptions you might have heard ...

- What most laypeople usually described when they first heard the word "Economics".
 * Economics is all about money and business. **

**The study that deals with the production, distribution, and consumption of goods and services, or the material welfare of human kind.** - Internet Dictionary

**Economics is everywhere, and understanding economics can help you make better decisions and lead a happier life.** - Tyler Cowen, an American Economics Professor at George Mason University


 * Economics is the study of how society manages its scarce resources. **- Mankiw, Principles of Economics

**Economics is the study of the choices made by people who are faced with scarcity.** - O’Sullivan, Economics Principles and Tools

**Economics is the study of human behaviour in attempting to use scarce resources to satisfy unlimited wants and needs.** - A common definition in many Economics textbooks

=Nowadays, modern Economics is redefined as an __axiomatic science__ of observable behaviour. In other words, Economics is a science r__esting on the hypothesis of maximizing self-interest to explain human behaviour__. =

=What is science? =
 * Belief: Events do not happen accidentally, but follow some universal rules & patterns (if conditions are duplicated, so too will be the outcome).
 * Aim: To establish these universal rules so that we are able to explain & to predict the occurrence of similar events in the future.

Is Economics a science subject?
Economics is a social science! Economists adopt a scientific way to explain human behaviour.
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 130%;">Basic unit of study: individual
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 130%;">Belief: An individual makes his own choice & his behaviour follow certain rules or some predictable patterns.
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 130%;">Aim: To explain or predict an individual’s choice and the consequent behaviour.

=<span style="background-color: #efefec; color: #333333; font-family: &#39;Guardian Egyptian Web&#39;,&#39;Guardian Text Egyptian Web&#39;,Georgia,serif; font-size: 2.25rem;">Is economics a science? by Robert Shiller = = =
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 120%;">Read this article to learn more about how a noble prize laureate argues why Economics is science? **


 * <span style="color: #008000; font-family: &#39;Palatino Linotype&#39;,&#39;Book Antiqua&#39;,Palatino,serif; font-size: 18.2px;">Watch these videos which may give you a good glimpse of what Economics is about. **
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