Economics is no different. Supply, demand, elasticity, comparative advantage, consumer sur

plus, deadweight loss--these terms are part of the economist ’s language. In the coming chapters, you will encounter many new terms and some familiar words that economists use in specialized ways. (1)At first, this new language may seem needlessly arcane. But, as you will see, its value lies in its ability to provide you a new and useful way of thinking about the world in which you live.

Economists try to address their subject with a scientist ’s objectivity. They approach the study of the economy in much the same way as a physicist approaches the study of matter and a biologist approaches the study of life: (2)They devise theories, collect data, and then analyze these data in an attempt to verify or refute their theories.

To beginners, it can seem odd to claim that economics is a science. After all, economists do not work with test tubes or telescopes. (3)The essence of science, however, is the scientific methods--the dispassionate development and testing of theories about how the world works.

This method of inquiry is as applicable to studying a nation ’s economy as it is to studying th earth’s gravity or a species ’ evolution. (4)As Albert Einstein once put it, “The whole of nothing more than the refinement of everyday thinking. ” (225words)

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