Does your attitude towards the seller have an effect to applied economics? (Justify in 250 words)
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Answer:
In most respects, economics is a social sciences, alongside psychology and sociology than it is a "natural" sciences such as chemistry and biology. Economics (particularly microeconomics) is ultimately concerned with why, when and how human beings trade with each other. Different schools of thought have taken the field toward increasing levels of mathematical sophistication and model-based regression forecasting, but the building blocks continue to be human actors and their behaviors.
Economic theory tries to understand human action as it relates to prices, markets, production, and consumption.
Mainstream economic theory rests on "laws" like supply and demand, and assumptions that include rational actors and efficient markets.
Behavioral economics and other strands of thought understand the emotional and cognitive underpinnings of economic behavior.
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