Definition of Nature and Scope of Economics
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The nature of economics
Economics is regarded as a social science because it uses scientific methods to build theories that can help explain the behaviour of individuals, groups and organisations. Economics attempts to explain economic behaviour, which arises when scarce resources are exchanged.
Economics has evolved in centuries due to scarcity of resources. Therefore, To understand the scope, we need to understand why we need it. The aim is to maximize the use of resources. This term is derived from economy and science. Thus, It means the science of the economy or proper utilization of resources
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Answer:
The nature of economics
Economics is regarded as a social science because it uses scientific methods to build theories that can help explain the behaviour of individuals, groups and organisations. Economics attempts to explain economic behaviour, which arises when scarce resources are exchanged.
Explanation:
Economics has evolved in centuries due to scarcity of resources. Therefore, To understand the scope, we need to understand why we need it. The aim is to maximize the use of resources. This term is derived from economy and science. Thus, It means the science of the economy or proper utilization of resources
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