Why Economics is a Social Science: Understanding the Basics

The video introduces economics as a social science, emphasizing the study of individual and group decision-making. It highlights the importance of opportunity costs and the role of incentives. The scientific aspect of economics is discussed, focusing on hypothesis formation and model testing. The video also explores economic systems, resource allocation, and the significance of data in interpreting economic models. It concludes with the skills needed to analyze and predict economic behavior.

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