Why Economics is a Science? | Economics is called a science subject because it uses scientific measures to explain, observed phenomena and predict the outcome of future events. This scientific method of observation is generally referred to as inductive method.

Types of Capitalism Economic system that defends the freedom of the market. Definition of Capitalism Capitalism is an economic system that defends the freedom of the market and that the means of production are privately owned. In this way, it uses the market as a mechanism to efficiently use resources and have capital that generates...