Students who study economics, according to the College Board, “study economic models and theories to analyze how the seemingly simple acts of buying and selling can be complicated by factors such as taxes, interest rates, inflation, labor disagreements, and even the weather.” What Type of Student Succeeds as an Economics Major? These predictions inform many of our decisions on a personal, societal, and even global scale. Then, they conduct experiments based on collected data to predict the way people will behave in the future. Economists observe how people allocate limited resources. Empirical data is evidence to support or dispute a claim based on observation and experimentation. When you study economics, you rely on empirical data, hence the “science” in social science. Other social sciences include anthropology, political science, psychology, and sociology. Social sciences are concerned with society and interpersonal relationships. Although economics is often associated with business, it is usually part of the department of arts and sciences at universities in the United States - this is because economics is a social science.
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