Question

Briefly explain the nature of economics of social sector?

Answer 1

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Nature And Scope Of Economics. The nature and scope of economics are related to the study of wealth or human behaviour or of scarce resources. The scope is very wide and includes the subject matter of economics whether economics is a science or an art or whether it is positive or normative science.

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Answer 2

Economics is considered to be a social science which has the main aspects of social sectors contributing to it. The social sectors, like industries, education, health services, sanitation, and more are all part of social economy.

Explanation:

• Social sectors of the economy has many components that make an significant contribution to the scope of economics. Most of these social segments like education, poverty, health, sanitation, housing facilities and more are also linked to development of human factor.
• Lot of economists define economics  as a 'social science'. Since it is related to production and distribution of goods and services. it involves a number of economic factors for the economy to move forward through the involvement of social factors.
• The social conditions of human is connected to the 'study of wealth' and the scarcity of resources. It studies the various aspects of human behavior in the various conditions of economy and their interaction with the social conditions

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