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What are the key elements of economics?
The four key elements of economics are description, analysis, explanation, and prediction. Mr. Talton Economics Teacher
Describe the key elements of studying economics?
The four key elements of economics are description, analysis, explanation, and prediction. Four elements of economics. 1. Alodium (earth) 2. Liberty (water) 3. Currency (air) 4. Resource (fire)
What are the four key elements of the study of economics?
Description Analysis Explanation Prediction
Which of the ten principles of economics is the study of international trade most closely connected?
It would be helpful to know what the elements of economics are to know which is the correct answer. Since this is not known it is hard to know the answer.
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.
