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Principles of Economics

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Principles of Economics

Category: Essay

Subcategory: Economics

Level: University

Pages: 4

Words: 1100

Principles of Economics
Student’s Name
Institutional Affiliation
Principles of Economics
How Economists are both Scientists and Policymakers and Principles Society Uses to allocate its Scarce Resources
Economics is a wide field that necessitates to the integration of complex knowledge and skills. Economists are scientists for the reason that they come up with models and premises that can undergo testing with the utilization of data. The models lead to calculations and prediction of future trends. Therefore, as scientists, economists factually establish and test models as well as assumptions through various scientific techniques. Hence, economists can understand the progress of the economy over time. While studying the financial system, the professionals also make recommendations on the necessary initiatives and modifications to enhance the standards of living of a society (Mankiw, 2015). Thus, economists play a significant part in the development of policies that guide a nation’s economy. Hence, economists are both scientists and policymakers.
In the allocation of scarce resources, people utilize economic principles that guide their decision-making process. One of the notions individuals use is trade-offs. There is nothing that one can acquire for free in the society, for instance, to get one thing, one has to be ready to give up the other. The government can use the tax that rich people pay to offer aid to the poor with the aim of attaining equity. Another princi…

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