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Module 1: Introduction to Economics

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The Economic Way of Thinking

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Economics - The Economic Way of Thinking

Economics

This unit of work is an introduction to the science of economics. It
begins by defining economics as a science and continues with information
pertaining to economic systems and principles.

Economics is considered a science because it uses a specific scientific
approach when establishing laws and theories. A typical sequence of events
would be:

* Defining the issue

* Gathering empirical data

* Forming a hypothesis

* Testing the hypothesis

* Establishing an economic law

Economics is one of the social sciences. Alfred Marshall, an early
economist, in his book _The Principles of Economics_ (1890), highlighted
the human element of economics by defining it as 'the study of mankind in
the ordinary business of life'. Today we view economics as the study of
human behaviour in relation to the production and distribution of goods and
services.

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