1. the intellectual and practical activity encompassing the systematic study of the structure and behavior of the physical and natural world through observation and experiment.
Science (from Latin scientia, meaning "knowledge"[1]) is a systematic enterprise that builds and organizes knowledge in the form of testable explanations and predictions about the universe.[2][3][4] In an older and closely related meaning, "science" also refers to a body of knowledge itself, of the type that can be rationally explained and reliably applied. A practitioner of science is known as ascientist.
2. This study examines differences in standards of research publications between the physical sciences and the social sciences. The results of the first two hypotheses tested indicate that the predominant form of publication in the physical sciences are articles, whereas books predominate in the social sciences. Furthermore, differences were found in the relevant dimension of publication between faculties in more prestigious departments and faculties in less prestigious departments. The policy implications of these findings to university administration are discussed.
Physical Science is an encompassing term for the branches of natural science and science that study non-living systems, in contrast to the life sciences. However, the term "physical" creates an unintended, somewhat arbitrary distinction, since many branches of physical science also study biological phenomena. There is a difference between physical science and physics. The social sciences are the fields of scholarship that study society. "Social science" is commonly used as an umbrella term to refer to a plurality of fields outside of the natural sciences. These include: anthropology, archaeology, business administration, communication, criminology, economics, education, government, linguistics, international relations,political science, psychology (especially social psychology), sociology and, in some contexts, geography, history and law.
3. Inductive and deductive reasoning are both approaches that can be used to evaluate inferences. Deductive reasoning involves starting out with a theory or general statement, then moving towards a specific conclusion. Inductive reasoning, on the other hand, takes a series of specific observations and tries to expand them into a more general theory. Each approach is very different, and it is important to be aware that both inductive and deductive reasoning can end up with false results, especially if the initial premise of the reasoning is false, in which case the results are said to be “unsound.”
Inductive Reasoning
A simplistic example of inductive reasoning might start with an observation such as “All of the cows I have ever seen are spotted.” One might, in turn, think that therefore all cows must be spotted. This is not actually the case, but given the available information, one might be forgiven for thinking it. The next step in this logic might involve attempting to find things which disprove the assertion that all cows are spotted, as might be done by asking other people if they have seen cows which are not spotted.
Deductive Reasoning
With deductive reasoning, one takes a general theory or idea, tests it, and moves through a sequence of ideas to arrive at a specific conclusion. It is possible to arrive at an unsound result by using an initial premise which is false, as in this case: Every animal that eats mice is a cat. Rover eats mice. Therefore, Rover is a cat. The goal of deductive reasoning is to arrive at a valid chain of reasoning, in which each statement holds up to testing, but it is possible for deductive reasoning to be both valid and unsound.
4. The English words "economy" and "economics" can be traced back to the Greek word οἰκονόμος (i.e. "household management"), a composite word derived from οἶκος ("house") and νέμω ("manage; distribute") by way of οἰκονομία ("household management").
Economics - The object of economics, according to J.S. Mill, is that sphere of man's action that is involved in the pursuit of wealth. However, Lionel Robbins supplanted this definition of economic sciences by arguing that, "Economics is the science which studies human behavior as a relationship between given ends and scarce means which have alternative uses" * Microeconomics, which examines the behaviour of individuals, households and firms, and their interactions in markets. Microeconomics examines economic choices in decentralised markets and reaches conclusions about economic welfare. Markets which are regulated by government, or have only a few participants, or are characterized by different amounts of information, are also examined. 5. Economics is the social science that studies economic activity to gain an understanding of the processes that govern the production, distribution and consumption of goods and services in an economy. economic science - the branch of social science that deals with the production and distribution and consumption ofgoods and services and their management
6. 1. The exchange of goods and services needs to be faciitated
2. Money is a medium of exchange.
7. The object of economics, according to J.S. Mill, is that sphere of man's action that is involved in the pursuit of wealth. However, Lionel Robbins supplanted this definition of economic sciences by arguing that, "Economics is the science which studies human behavior as a relationship between given ends and scarce means which have alternative uses"
The subjects in economic study are households, business companies, the government (the state), and foreign countries. Householdsoffer their "factors of production" to companies. This includes work, land, capital (machines, buildings) and information. They get income which they use to buy or 'consume' goods.
Business companies produce and sell goods and buy factors of production from households and from other companies.
The state or public sector includes institutions and organisations. The state takes some of the earnings from the business companies and households, and uses it to pay for "public goods" like streets or education, to be available for everyone. The last subject is foreign countries this includes all households, business companies and state institutions, which are not based in one's own country. They demand and supply goods from abroad.
The objects in economic study are consumer goods, capital goods, and factors of production. Consumer goods are classified as "usage goods" (for example, gasoline or toilet paper), as "purpose goods" (for example, a house or bicycle), and as "services" (for example, the work of a doctor or cleaning lady). Capital goods are goods which are necessary for producing other goods. Examples of these are buildings, equipment, and machines. Factors of production are work, ground, capital, information, and environment.
8.
9. The basic economic problem which is Scarcity give rise to 3 fundamental problems.
1) What to produce (Type & how many)
2) How to produce (Methods of production)
3) Whom to produce for (Not for everyone will get the good)
10. This article concerns proposals to change the Social Security system in the United States. Social Security is a social insuranceprogram officially called "Old-age, Survivors, and Disability Insurance" (OASDI), in reference to its three components. It is primarily funded through a dedicated payroll tax. During 2012, total benefits of $786 billion were paid out versus income (taxes and interest) of $840 billion, a $54 billion annual surplus. Excluding interest of $109 billion, the program had a cash deficit of $55 billion. Estimates of lost revenues due to the temporary payroll tax cuts of 2011 and 2012 were offset by transfers of other government funds into the program; this was $114 billion in 2012. An estimated 161 million people paid into the program and 57 million received benefits in 2012, roughly 2.82 workers per beneficiary.[1]
Reform proposals continue to circulate with some urgency, due to a long-term funding challenge faced by the program. Starting in 2011 and continuing thereafter, program expenses were expected to exceed cash revenues, due to the aging of the baby-boomgeneration (resulting in a lower ratio of paying workers to retirees),[2] expected continuing low birth rate (compared to the baby-boom period), and increasing life expectancy. Further, the government has borrowed and spent the accumulated surplus funds, called theSocial Security Trust Fund.[2]
At the end of 2012, the Trust Fund was valued at $2.7 trillion, up $54 billion from 2011. The Trust Fund consists of the accumulated surplus of program revenues less expenditures. In other words, $2.7 trillion more Social Security payroll taxes have been collected than have been used to pay Social Security beneficiaries; the program has more than fully funded itself.[3] The fund contains non-marketable Treasury securities backed "by the full faith and credit of the U.S. government". The funds borrowed from the program are part of the total national debt of $16.8 trillion as of April 2013.[4]
Program payouts exceeded cash program revenues (i.e., revenue excluding interest) in 2011; this shortfall is expected to continue indefinitely under current law. Due to interest, the Trust Fund will continue increasing through the end of 2021, reaching a peak of approximately $3.0 trillion. Social Security has the legal authority to draw amounts from other government revenue sources besides the payroll tax, to fully fund the program, while the Trust Fund exists. However, payouts greater than payroll tax revenue and interest income over time will liquidate the Trust Fund by 2033, meaning that only the ongoing payroll tax collections thereafter will be available to fund the program.[5] There are certain key implications to understand under current law, if no reforms are implemented: * Payroll taxes will only cover about 75% of the scheduled payout amounts from 2033–2086. Without changes to the law, Social Security would have no legal authority to draw other government funds to cover the shortfall.[5] * Between 2022 and 2033, redemption of the Trust Fund balance to pay retirees will draw approximately $3 trillion in government funds from sources other than payroll taxes. This is a funding challenge for the government overall, not just Social Security.[5] * The present value of unfunded obligations under Social Security was approximately $8.6 trillion over a 75-year forecast period (2012-2086). In other words, that amount would have to be set aside in 2012 so that the principal and interest would cover the shortfall for 75 years. The estimated annual shortfall averages 2.5% of the payroll tax base or 0.9% of gross domestic product (a measure of the size of the economy). Measured over the infinite horizon, these figures are $20.5 trillion, 3.9% and 1.3%, respectively.[6] * The annual cost of Social Security benefits represented 5.0% of GDP in 2011. This is projected to increase gradually to 6.4% of GDP in 2035 and then decline to about 6.1% of GDP by 2055 and remain at about that level through 2086.[7]
Former President George W. Bush called for a transition to a combination of a government-funded program and personal accounts ("individual accounts" or "private accounts") through partial privatization of the system.[citation needed] President Barack Obama "strongly opposes" privatization or raising the retirement age, but supports raising the annual maximum amount of compensation that is subject to the Social Security payroll tax ($110,100 of compensation in 2012, and $113,700 in 2013) to help fund the program.[8] In addition, on February 18, 2010, President Obama issued an executive order mandating the creation of the bipartisan National Commission on Fiscal Responsibility and Reform,[9]which made ten specific recommendations to ensure the sustainability of Social Security.[10]
Federal Reserve Chairman Ben Bernanke said on October 4, 2006: "Reform of our unsustainable entitlement programs should be a priority." He added, "the imperative to undertake reform earlier rather than later is great."[11] The tax increases or benefit cuts required to maintain the system as it exists under current law are significantly higher the longer such changes are delayed. For example, raising the payroll tax rate to 15.0% during 2012 (from the current 12.4%) or cutting benefits by 16.2% would address the program's budgetary concerns indefinitely; these amounts increase to 16.7% and 25.0% respectively if no changes are made until 2033.[12] During 2010, the Congressional Budget Office reported on the financial effects of various reform options. 