The Scope of Economics

Description-

Description is important because we need to know what the world around us looks like.

Analysis-

Analysis is important because it helps us to discover why things work and how things happen.

Explanation-

Explanation is important because if we all have a common understanding of the way our economy works, some economic problems will be much easier to address or even fix in the future.

Prediction-

Prediction is important because the study of economics helps all of us to become more informed citizens and better decision makers.