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IMPLICIT OPPORTUNITY COST: An opportunity cost that does NOT involve a money payment or a market transaction. This should be contrasted with explicit cost that DOES involve a money payment or a market transaction. The common misconception among non-economists out there in the real world is that the term "cost" is synonymous with the term "payment," that is, all costs are explicit costs, to be a cost you have to give up some money. Well, I'm here to tell you that this isn't true. Cost is opportunity cost. It's the satisfaction NOT received from activities NOT pursued. It's the value of foregone production. And not all opportunity costs involve a money payment.
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SOCIAL SCIENCE: The scientific study of society--of human behavior and of social interactions. Economics is one of several social sciences. Others are sociology, political science, and anthropology. Economics is considered a social science because it seeks to explain how society deals with the scarcity problem. Economics is one of several disciplines that apply the scientific method to the study of human behavior, a social science. The social part of this phrase means the study of society, human behavior, and social interactions. The science part means the use of the scientific method to describe and explain the world. Economics stands apart from other social sciences because it is the scientific study of human behavior related to the problem of scarcity.Physical ScienceSocial science includes the modifying term social to distinguish it from a related term--physical science. Physical science is the scientific study of physical or natural phenomena that are largely unrelated to human behavior and social interactions. Physical science, also termed natural or hard science, is concerned with the scientific study of such things as atoms, planets, wildlife, and continental drift and includes the disciplines of physics, chemistry, astronomy, biology, and geology, among others. These sciences are what most often come to mind when the word science is used. The Only Science?In fact, some folks contend that physical sciences are the only disciplines that qualify as real sciences and that social sciences should be relegated to the same academic trash can as astrology and voodoo.However, science is not "what" so much as "how." Physical sciences make use of the scientific method to describe and explain particular physical aspects of the world. Social sciences make use of the scientific method to describe and explain particular social aspects of the world. Both are valid areas of scientific inquiry. No Science of Society?Why then do social sciences lack the scientific esteem of physical sciences?- Experiments: Social sciences are not as easily studied using controlled laboratory experiments, as with chemistry and physics. The definitive tests needed to produce clear-cut scientific laws are often difficult to obtain. A chemist might be able to test a hypothesis in a matter of hours through a controlled experiment. An economist might have to wait years or even decades for the right mix of events needed to test a hypothesis.
- Behavior: The study of human behavior can easily affect the behavior under study. That is, people are prone to act differently if they know they are being studied and by making use of the results of the study. Stars are unaware that they are being studied when viewed through a telescope hundreds of light years away. Consumers, however, are often aware that they are being studied when asked about their buying habits. Such awareness among humans can influence the results of a study.
- Values: Social sciences are not free of subjective values and are often used as a basis to achieve political, cultural, or social goals. Social scientists are often just as interested in improving the world as in understanding it. As such, it can be difficult to separate the politically-charged subjective rhetoric from the objective scientific facts. What appears to be a scientific study might be little more than a smoke screen of political propaganda.
A RebuttalWhile each of these is a valid concern in any scientific study, they do not mean that social sciences are NOT science.- Experiments: The ability or inability to conduct controlled laboratory experiments is a part of any science. Astronomers cannot control the movement of stars and planets. Like economists, they too must wait for events to occur. Moreover, social scientists (including economists) have made effective use of controlled laboratory type experiments to develop scientific laws.
- Behavior: Physical scientists are increasingly aware that they too can affect the physical phenomena studied. For example, shining light on a photon (which is the packet of energy that makes light) can affect the behavior and properties of the photon.
- Values: Subjective values also enter into the physical sciences. Theories of astronomy generally build on a preconceived belief about the existence of a supreme being. Biological theories reflect the ongoing political debate between biblical creation and evolution.
A Young ScienceSocial sciences probably have less esteem in the scientific community in part because they are younger than the physical sciences. Many social scientific principles are still being developed and debated. Physical scientific principles have been around longer and have been tested more thoroughly. While the physical sciences can trace their roots to people like Galileo, who lived in the 1500s, economics goes back to Adam Smith of the late 1700s, psychology goes to Sigmund Freud of the 1800s, and other social sciences have similar limited time spans.The scientific method takes time to verify hypotheses and to develop widely accepted theories. Physical sciences are more widely regarded as "hard" sciences, in part, because they have been in the game longer. Interestingly, economics is the oldest of the social sciences and is generally held in higher regard than others.
Recommended Citation:SOCIAL SCIENCE, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: March 19, 2024]. Check Out These Related Terms... | | | | Or For A Little Background... | | | | | | | And For Further Study... | | | | | | | | | | Related Websites (Will Open in New Window)... | | | |
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Today, you are likely to spend a great deal of time lost in your local discount super center hoping to buy either a printer that works with your stockpile of ink cartridges or income tax software. Be on the lookout for jovial bank tellers. Your Complete Scope
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The average length of a "business lunch" is about 36 minutes.
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"Look at the abundance all around you as you go about your daily business. You have as much right to this abundance as any other living creature. It's yours for the asking." -- Earl Nightingale
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