Question

10 Which of the following is an example of how economics can affect science?

Answer 1

Economics can affect science is limited funding may lead scientists to research one topic instead of another

A standard definition of economics could describe it as a social science directed at the satisfaction of needs and wants through the allocation of scarce resources which have alternative uses and we can go further to state that economics is about the study of scarcity and choice

The economics of science aims to understand the impact of science on the advance of technology to explain the behavior of scientists and to understand the efficiency or inefficiency of scientific institutions and markets and economics can affect science is limited funding may lead scientists to research one topic instead of another and economics uses in science are scientific methods to understand how scarce resources are exchanged within society

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