UNIT 1: Markets In Action
Introductory Concepts
ECONOMICS
AS A SOCIAL SCIENCE
, THE SCIENTIFIC
METHOD
The scientific method is a way of studying
and understanding the world.
Scientists propose a hypothesis that can
be tested, then collect evidence through
observation or controlled experiments.
Based on the results, they accept, modify,
or reject the hypothesis. Widely accepted
theories may become laws, like the law of
gravity or, in economics, the laws of
demand and supply.
Introductory Concepts
ECONOMICS
AS A SOCIAL SCIENCE
, THE SCIENTIFIC
METHOD
The scientific method is a way of studying
and understanding the world.
Scientists propose a hypothesis that can
be tested, then collect evidence through
observation or controlled experiments.
Based on the results, they accept, modify,
or reject the hypothesis. Widely accepted
theories may become laws, like the law of
gravity or, in economics, the laws of
demand and supply.
