economics as a social science

• An important way in which economists simplify reality is to adopt the ceteris paribus condition
• Economists tend to be interested in both positive and normative statements
• Ceteris paribus - all things being equal; the assumption that, whilst the effects of a change in one variable are being investigated, all other variables are kept constant
• Normative statement - a statement which cannot be supported or refuted because it is a value judgement 
• Positive statement - a statement which can be supported or refuted by evidence