Economics as a Social Science

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes

Economics as a Social Science – Scitovsky’ Theory: proposed that Economics is a social science as it attempts to use scientific methods to analyse the behaviour of people within markets, firms and economies

The ‘Ceteris Paribus’ Assumption

• A Latin phrase which refers to all ‘other things being equal’
• When an effect is caused due to a change in one variable, the other variables are held constant and do not differ in value

The inability in economics to make scientific experiments

• Economics is a social science and involves people, therefore it is impossible for economists to conduct lab experiments

Quick Fire Questions – Knowledge Check

1. Explain what the Ceteris Paribus Assumption is (3 marks)
2. Explain why Economics is considered a Social Science (3 marks)
3. Explain why economists cannot conduct scientific lab experiments (2 marks)

Next Revision Topics

• Positive Economics
• Normative Economics
• Price Mechanism
• Price Determination
• Market Equilibrium
• Scarcity
• Factors of Production
• Rational Decision Making
• Alternative views of Consumer Behaviour

A Level Economics Past Papers

• AQA
• Edexcel
• OCR
• WJEC