According to the Business Insider, economics is like a science because economists use an empirical or scientific method to solve problems. In addition, theories in economics can be tested. The Business Insider adds that ... More »

Screening in economic theory refers to the ways in which buyers filter out false information from sellers, retaining only what is true. Screening is especially necessary in contemporary markets, since products are increa... More »

A flow variable in economics is a quantity that is measured over a time period. This is in contrast to stock variables, which are measured at a specific time. Flow variables can be measured over any time period but the m... More »

The field of economics uses scientific methodology to unveil truths about its nature. Economists often perform experiments and use scientific tools for crafting analyses. However, much of the attention paid to economics ... More »

Economics plays a vital role in making modern civilization function, so studying economics helps experts learn how to prevent problems. Studying economics also helps when running or managing a business. Economics is ofte... More »

Aggregate demand is a concept that economists use to quantify the total demand for goods and services within a national economy at a given time. To determine aggregate demand, consumption, government and investment expen... More »

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Even the definition of "economics" varies according to which economist answers the question, so economists naturally disagree on finer points of the complex field. Economics is based on psychology, statistics, projection... More »