Definition of Economics

Economics is a social science that studies the way in which people, organizations and countries assign resources. Its objective is to study the relationships between production, distribution, exchange and consumption of goods, services and ideas.

The main objective of economics is to enhance the well being of people, but this does not necessarily mean to grant them the greatest amount of consumer goods.


What is Science?

Science is the ensemble of organized knowledge acquired through the scientific method.

science research

What is the scientific method?

The scientific method is a process for acquiring knowledge, based on:

  1. Discovering cause and effect relationships
  2. Gathering and examining evidence
  3. Checking if the system is logically consistent

Al sciences use the scientific method.