Economics is a science attempting to find economic laws.
Economists make predictions forming the basis of economic theories.
There is a figure showing the interrelations between models, theories and
reality.
It is a text speaking about economics.
It is a book speaking about some interesting observations.
to predict - prediction; прогнозировать - прогноз;
to observe - observation; наблюдать - наблюдение;
to contribute - contribution; внести свой вклад - вклад;
to assume - assumption; предполагать - предположение;
to imply- implication; подразумевать - намёк;
to explain - explanation; объяснять - объяснение;
to specialize - specialization; специализироваться - специализация;
to devote - devotion; посвящать - преданность;
to publish - publication; публиковать - публикация;
to found - foundation. основатью основание