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ECONOMICS, use of existing scientific knowledge to practical goals -…
ECONOMICS
Social Science
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uses scientific methods to build theories that can help explain the behaviour of individuals, groups and organisations
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Model Building
constructed by specifying selected variables, some of which are exogenous and others which are endogenous
Testing Models
ang economic theory, a particular idea or principle that aims to describe how the economy works
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The term Social Science refers any subject that deals with human behaviour. Political Science, Psychology, Ethics, etc. come within the definition of Social Science.
Economics is a social because it deals with one aspect of human behavior. Samuelson says that Economics is “the queen of the social sciences”.
Applied Science
is an order that is utilized to apply existing logical information to grow more functional applications, for instance: innovation or creations. In normal science, fundamental science (or unadulterated science) is utilized to create data to clarify wonders in the common world.
the discipline dealing with the art or science of applying scientific knowledge to practical problems; "he had trouble deciding which branch of engineering to study"
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It studies and observes how theories work in practice, because of this theories the problems or outcomes can be seen by the person.
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because of the theories it is much easier to resolve any conflict and it can also be lessen and avoided.
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the branch of knowledge concerned with the production, consumption, and transfer of wealth
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