MD BEHS 210 -Why do we call economics a scientific
Subject: General Questions / General General Questions
Question
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1.Why do we call economics a scientific discipline? Explain.
2.Why are “scarcity” and “choice” central to economics?
3.Using a commonplace item such as milk explain the relationship between demand, supply and price under a capitalist economy (I do not need a chart or a graph, just explain).
***The last question relates to social stratification which we have already discussed in Week 4***
4.The US is stratified into levels based on socioeconomic status. First, describe what you understand by the phrase "socioeconomic status." Then describe each of the class levels: upper class, middle class, working class, poor
