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You will prepare and submit a term paper on Is Economics the Science of Decision-Making. Your paper should be a minimum of 500 words in length.
You will prepare and submit a term paper on Is Economics the Science of Decision-Making. Your paper should be a minimum of 500 words in length. A systematic body of knowledge that defines the relationship between a cause and an effect qualifies as science. Science also gives the capacity for measurement. Consequently, economics qualifies as a science as it comprises of systematically collected facts, which are classified and analyzed accordingly. In addition, economics provides money as a form of measurement, thus making it a science. .
Economics as a science of decision-making
Economics helps people to understand the production process, how goods and services can be exchanged, and the different consumption patterns in an economic system. In this case, economics plays a crucial role in helping individuals, and organizations to identify the goods and services that they can produce in the most profitable manner. It also enlightens them on the best markets to exchange their commodities, thus maximizing their returns. In relation to consumption, economics provides consumers with the ability to differentiate the consumption patterns that can make them live a stable life as opposed to consumption patterns that may impose strains on their lives. Therefore, economics plays a major role in the decision-making process as it dictates what to do at given periods through the provision of analytical data.
The government also utilizes economic concepts when dealing with issues related to public finance and the concepts allow the government to set certain prices in the nation and determine the spending of the government. Economics also contribute significantly to setting prices as it deals with the forces of demand and supply. Therefore, economics aids in the decision making the process as it allows different entities to fix prices based on several considerations, that involves statistical relationships.
Given that we live in a world of scarce resources, people strive to find ways that can help them utilize such resources in an efficient manner. Economics, which aims at studying human behavior as a relationship between ends and scarce means that have alternative uses teaches individuals to cope. It helps individuals to make good use of scarce resources, thus increasing their wealth and welfare. This emanates from the fact that economics increases the ability of individuals to make wise choices when faced with a number of alternatives. The individuals chose the best option that maximizes their benefits, given the prevailing conditions and from analysis of the alternatives. Consequently, I concur with the idea that economics is the science of decision-making. This is because economics provides people with facts, and knowledge, which promotes their capacity to deal with the unlimited human wants and the available scarce resources.
Conclusion
In conclusion, economics helps in making many decisions. It allows individuals to prioritize their wants in life, thus maximizing the scarce resources at their disposal. .
