...ics Economics as a Science and its relevance to Law Economics is the branch of knowledge concerned with the production, consumption, and transfer of wealth. It is the condition of a region or group as regards material prosperity. It is the social science that analyzes the production, distribution, and consumption of goods and services. Now the Question is whether Economics is a science or not? Economics is a science that treats of those social phenomena that are due to wealth getting and wealth using activities of Man. The word ―Economics‖ is derived from the Greeks word ―Oikonomos‖ which means to manage the house. So it means the management of a household especially in those matters, which are relating to the income and expenses of the family. After sometime, political economy term was also used for this topic and slowly political economy adopted the shape of Economics. There are numerous definitions of Economics offered from time to time but there is no clear and concise definition. Keeping in view this situation J.M. Keynes has rightly, stated ―Political Economy is said to have strangled itself with definition.‖ However, Economics is considered to be a science as well as an art. Some of its features like, self corrective nature, systematic body of knowledge, own laws and theories, universal validity of its laws (law of demand, marginal utility, law of diminishing returns etc) support economics to be a science, but its other features like lack of predictability and lack of...
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...Discussion Questions Individual Why is economics considered a social science? What role does economics play in your personal and professional lives? According to Colander (2010), economics is the study of how people coordinate their wants and desires, given the decision-making mechanisms, social customs, and political realities of the society. There are three central problems in economics; what and how much to produce, how to produce, and for whom to produce. As a society of human beings, people make decisions based on cost and benefits (Colander, 2010). Because it analyzes how and what people do in certain circumstance typically involving money and goods, economics is considered a social science. In my personal and professional life, I am constantly making economic decisions when it comes to choosing between social parties with friends or work. Some of my friends are still in school and do not work. I work full time and go to school, so I cannot always afford to stay out as late as others. My choice is not so much about spending money, but based more on my time management and the need of getting sleep for work the next morning versus staying out late and partying with friends. What is the difference between real and nominal GDP? Does GDP accurately reflect the nation’s welfare? Why or why not? How can a country’s GDP be manipulated? In your opinion, is the U.S. GDP being manipulated? Explain your answer. GDP stands for gross domestic product, and “is a measure of the total...
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...| | Course: الرقابة الإدارية | | | Duration: 120 minutes | Faculty of Economic Scienceand Business AdministrationSetion1 | | | Final exams – First semester - Academic year 2012-2013Master Professional (M2) | Question 1 Management is often faced with the alternative of continuing to make a product or component internally, or go to an external source and purchase the product or component. In gathering relevant information for these two alternatives, briefly identify the quantitative factors that should be considered. Are there any qualitative factors that should also be considered? Question 2 Khalil, president of Video Adventure, has heard about operating leverage and asks you to explain this term. What is operating leverage? How does a company increase its operating leverage? Question 3 Manal operates a bed and breakfast hotel in a resort area in the Cedar Mountains. Depreciation on the hotel is $60,000 per year. Manal employs a maintenance person at an annual salary of $32,000 and a cleaning person at an annual salary of $24,000. Real estate taxes are $10,000 per year. The rooms rent at an average price of $60 per person per night including breakfast. Other costs are laundry and cleaning service at a cost of $8.00 per person per night and the cost of food which is $4.00 per person per night. Instructions: (a) Determine the number of rentals and the sales revenue Manal needs to break even using the contribution margin technique. (b) If the current...
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...still is the standard for the majority of people in underdeveloped nations. The mechanization and automation of tasks that had formerly been labor intensive, increased production of goods and provided a broader choice of employment opportunities. These new employment opportunities for unskilled or uneducated workers provided a higher income than had previously been available to them in an agrarian society and eventually created a broader stratus between the upper and lower classes. Industrialization gave rise to a growing middle class with more disposable income and a desire for modern housing, clothes and modes of transportation. This increased demand for goods and services created a market for expanded production which in turn fueled economic growth which benefited all social classes. A second significant social consequence resulting from the Industrial Revolution was an increase in literacy and educational opportunities for the masses....
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...ON RESEARCH TOPIC: WHAT IS SCIENCE? TOPIC: Dispelling Misconceptions; Physical and Natural Sciences are not superior over Social Sciences. TABLE OF CONTENTS Abstract. 3 Introduction 4 Recommendations 22 REFERENCES 25 Abstract. Science in general is a great and highly developed human enterprise. Its intricacies are clearly not limited to the scientists alone, but it is essential for the entire human race. If we think of science as a space within the larger space of society then it is at the interfaces between these two spaces that human beings are involved with science. To see this interface clearly from the space of science is not the same as seeing it as a mere collection of facts that should be construed to be true and nothing but the truth. Science is beyond facts, ideals and thoughts. It is a process and a model that has undergone tests, been tried, reviewed and accepted as a true representation of the processes and occurrences in the natural world However, due to the broad nature of science, and the work, time and resources involved in pursuit of knowledge in different science fields which entails different interests, and thereby different values too; and the different possibilities of knowledge about different subjects, has lead to a myopic misconception by the science practitioners that Physical...
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...The word 'science' is derived from the Latin word 'scientia' which means knowledge. Therefore, science is about gaining knowledge either through observing, studying, experience, or practice. Entire knowledge acquired through science is about discovering truths, finding facts, uncovering phenomenon hidden by the nature. Observations and experimentation, in science, support in describing truth and realities through systematic processes and procedures. For me, science is an intellectual set of activities designed to uncover information about anything related to this world in which we live. The information gathered is organized through scientific methods to form eloquent patterns. In my opinion the primary objective of science is to gather information and to distinguish the order found between facts. What Science Means to Me as an Upcoming Scientist Science exposes several ideas along with significant themes so that I could test them independently and without any bias to arrive at solid conclusion. For this purpose exchange of data and materials is necessary. I am able to generate real and tangible facts supported by reliable evidence. Work of scientist is based on theoretical science. It means, in theoretical science, there is only a sign, just a hint on which discoveries could be made, facts could be found. While studying science I am always working for determining truth, based on my perceptions, judgment, observation, experience, and knowledge collected through several means...
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...that “without substantial and sustained changes to the educational system, the United States will relinquish its leadership in the twentyfirst century”. The panic plays out in countless newspaper articles and policy reports, recently leading to legislative responses such as the America COMPETES Act, which contains a list of measures to boost average mathematics and science test scores. A country’s place in the new global economy is, according to these reports, determined by its rank in the maths- and science-score hierarchy. Following this reasoning, one would conclude that the US economy is threatened not only by Japan and South Korea, but also by Finland, Singapore, New Zealand and the Czech Republic. The rankings that engender these fears are primarily based on two tests administered to middle- and high-school students since 1995: the Programme for International Student Assessment (PISA) and the Trends in International Mathematics and Science Study (TIMSS). Improving education should be a priority for the nation, but erroneous interpretations of international test scores may drive economic and competitiveness policy in the wrong direction. When we consider that education testing shows formidable US strength as the largest producer of top-scoring students alongside a significant problem at the bottom, the threat to future competitiveness seems to be something quite different from the headlines2. Caution is needed so we neither create policies that ...
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...ACE8001: What do we mean by Research? & Can we hope to do genuine Social Science Research (David Harvey) What do we mean by research? What might characterise good research practice? There is no point in us trying to re-invent the wheel - other and probably more capable people than us have wrestled with this problem before us, and it makes good sense and is good practice to learn what they have discovered. In other words - we need to explore more reliable and effective methods and systems for the pursuit of research than we have been doing so far. What is research? Dictionary Definitions of Research: * "The act of searching closely or carefully for or after a specified thing or person" * "An investigation directed to discovery of some fact by careful study of a subject" * "A course of scientific enquiry" (where scientific = "producing demonstrative knowledge") Howard and Sharp (HS) define research as: "seeking through methodical processes to add to bodies of knowledge by the discovery or elucidation of non-trivial facts, insights and improved understanding of situations, processes and mechanisms". [Howard, K. and Sharp, J.A. The Management of a student research project, Gower, 1983 - a useful and practical “how to do it” guide] Two other, more recent guides are: Denscombe, Martyn, 2002, Ground rules for good research: a 10 point guide for social research, Open University Press. Robinson Library Shelf Mark: 300.72 DEN, Level 3 (several copies)...
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...materials, evaluating them critically, organizing them into an organic whole and explaining the significance and relevance of the organized data in a narrative format. There are distinctions between the method and methodology as method is common to all sciences, independent, underived and definite, whereas methodology is not as it is a view or perspective to look through. Historical method is useful for theoretical and practical purpose as it provide useful and important information towards the solutions of the problem that makes possible to study the development of a particular idea, concept, philosophy or theory. 1.2.2. Methods of Inquiry The historical research has been heavily influenced by the social science research methods of...
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...Science comes from the Latin word meaning ‘knowledge’. Science is a way of looking at the natural world in a systematic and objective way therefore is able to universal laws. An ideology is a system of ideas and ideals and often acts as a foundation for economic or political theories and policies. A belief system is a framework of ideas that people use to explain the world around them. Science is often seen as truer than other belief systems as it can be tested empirically meaning information comes from experience or from experiments. However not all sociologist agree with the assumption that science is more valid, for example, post-modernists would argue that science is just the dominant meta-narrative of this time, however this could easily change in the future. Another reason science can be seen as a belief system is due to the idea that science works in paradigms, this idea was developed by Thomas Kuhn, paradigms are a framework containing basic assumptions and ways of thinking that develops a new way of looking at the world. Kuhn argues that the paradigms come before theories are developed therefore science can be moulded to fit the paradigms which makes its slightly subjective to the beliefs of the people developing the ideas and so can be seen as a belief system. As science is open to being proved wrong and to other ideas some sociologist would say that science is an open belief system. However other sociologists would argue against this as science has always dismissed...
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...------------------------------------------------- M1D1 – Jamie Grenz 1. Do you think the social and cultural environments of the 18th and 19th centuries helped or hindered the study of microbiology in particular and science in general? Why? The ‘Golden Age of Microbiology’ generally refers to the peak of scientific discovery that occurred after the renaissance in Europe. The renaissance was a time for invention, discovery, human expression and generally gave birth to the foundation of modern western society. Monarchies were eager to encourage discovery as the urge for economic wealth and territory acquisition was great. There was an inordinate amount of support for research that could yield cures to diseases. Healing sicknesses that would have otherwise wiped out crops or cattle or people could prevent great losses and negative impacts on a counties economy. Feudal governments unequally distributed wealth which meant that the rich were very rich and could afford to devote their time to cerebral activities such as studying, educating, and research. The combination of all these elements gave opportunities for great minds to study microbiology. 2. Do you think that microbiology and science are influenced by today’s social and cultural environments? Provide examples to support your statements. In short, yes. A society will always influence the kind of research that is conducted, the quality of scientific methods and so on. For example, as more and more people are living...
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...Theory of Knowledge Essay Question – 4 “That what is accepted as knowledge today is sometimes discarded tomorrow”. ------------------------------------------------- Consider knowledge issue raised by this statement in two areas of knowledge. Examination Session: - May 2014 School Code: - 002272 School Name: - Indus International School, Bangalore Candidate Number: - 002272-0091 Name: - Nidhey A Pan Word Count: - 1471 “That what is accepted as knowledge today is sometimes discarded tomorrow”. Consider knowledge issue raised by this statement in two areas of knowledge. As I have studied in an Indian curriculum until grade 10 the knowledge that I had until then for the subject of environmental studies (AOK) was nothing but only about the rising concerns of the environment learn most of the stuff that was given in book to get good marks. But this was all discarded when I joined the IBDP curriculum and took that to study as a standard level subject. What I have learnt now is that this subject not only taught me about the environmental concerns but also about the different aspects of the environment and also to practically applies the concepts that we have learnt. Whatever knowledge I had earlier about the subject of learning by heart the stuff, has now been changed, as it is not learning by heart but apply the concepts that we have learnt and perform practical experiments related to the subject. This is because the way of teaching has changed. The schools...
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...Nanotechnology Nanotechnology, which is widespread subject, is what is likely to be the driving force of many scientific changes of our earths future. It’s the technology of manipulating matter at the nano scale. Nanotechnology is applied in countless different fields such as science, health care, agriculture, security, computing etc. The ground breaking developments that are made in these various fields due to nanotech is why the world will continue to invest its time and money into the subject matter. “Many experts even predict that Nanotechnology is going to have as significant a place in the field of science and technology as the steam engine had at the time of its invention. Due to the potential it bears most developed and developing countries are making significant investment into nanotechnology research and development where the combined investment from the private and public sector is estimated to be around $12 billion annually.” (Michelson et al, 2008) The revolution of nanotechnology is not only expected to make many products and services friendlier economically, but is also going to allow for the miniaturization of control systems. Diseases will be more simple to cure, and we will have new cures for diseases that we do not yet have cures for. On the contrary with advantages come disadvantages. There are many widespread discussions regarding the negative effects of nanotechnology. Nanotechnology has its benefits but can also be lethal if used improperly...
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...In today’s educational realm, STEM is a common acronym used in the classroom curriculum. STEM stands for science, technology, engineering, and mathematics. Additional subjects are beginning to follow including music, English, art, and social studies (Honey, 2014). STEM became an intergraded part of the school system when Common Core started to become mandatory for schools to adopt. The premise behind STEM is to integrate the core subjects with everyday real world experiences to help students connect everyday situations into their daily learning. As with any good school curriculum, schools must adopt their own STEM program to fit the individual needs of each school in order to keep in alignment with their school’s unique population, overall challenges, and the students’ and school’s needs. It is not a one...
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...question one must first understand that every politico-economic ideology, like every religious belief, proclaims that it has the one true doctrine and that all others are entirely different or at opposite ends. In most instances individuals join in voluntary association to act upon those opinions, ideas or beliefs which they hold in common. These opinions, ideas or beliefs may or may not be based on facts and hence most end with disastrous results. However once ideas have crystallized into organized action little question is raised to their feasibility or conformance to fact. Conclusively the objective of the group is either initially or ultimately the result of compromise being either very limited or very general in scope. This explains the ineffectiveness of the emotional approach and the political generality does not adequately define the project. The end result is the making of a mountain out of a molehill where the emphasis is on the exaggeration and reiteration of minor differences while ignoring what they have in common. Technocracy partakes one single element in that it is dependent on the voluntary association of individuals acting upon certain ideas upon which they are in agreement. Comparatively it differs from all other social movements since its common ideas are not the result of philosophic agreement. Technocracy does in fact in theory need science and technology to be based upon, but it is this "science and technology" that the populace overlooks and...
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