Discuss the nature and scope of economics.
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Economics is a science that deals with production, exchange and consumption of various commodities in economic systems. It reveals, how scare resources can be used to increase wealth and human nature. The central focus of economics is on scarcity of resources and choices among their alternative uses.
Two major factors responsible for emergence of economic factors are: i) Unlimited human wants ii) Scarcity of available resources.
Adam Smith has defined Economics as " A science of wealth". Also it has been defined in different ways in terms of Welfare and Growth.
While discussing its scope we have to discuss whether it is a Science or an Art. It can be called a Science, as it traces the relationship between cause and effect. As science is a phenomena which is amenable to measurement, so applying these characteristics, we find that economics is a branch of knowledge where the various facts relevant to it have been systematically connected classified and analyzed.It investigates the possibility of deducing generalizations as regards to economic motives of human beings. Hence, it is a science.
And because science teaches us to know, and an art teaches us to do it, and we use it in real life to solve our economic problems. So, it's also an Art, as well as Science.
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Plz mark as brainliest if helpful.
Two major factors responsible for emergence of economic factors are: i) Unlimited human wants ii) Scarcity of available resources.
Adam Smith has defined Economics as " A science of wealth". Also it has been defined in different ways in terms of Welfare and Growth.
While discussing its scope we have to discuss whether it is a Science or an Art. It can be called a Science, as it traces the relationship between cause and effect. As science is a phenomena which is amenable to measurement, so applying these characteristics, we find that economics is a branch of knowledge where the various facts relevant to it have been systematically connected classified and analyzed.It investigates the possibility of deducing generalizations as regards to economic motives of human beings. Hence, it is a science.
And because science teaches us to know, and an art teaches us to do it, and we use it in real life to solve our economic problems. So, it's also an Art, as well as Science.
Hope it helps.
Plz mark as brainliest if helpful.
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Economics is a study of wealth and welfare.Economics measures the available resources and their proper utillisation of these resources.Economics measures the national income of a country.
Nature of economics
1)Economics as a science-Sçience is a subject that includes indent study of a subject and and it's practical application.We can say that it applies completely to economics as it also includes various theories and i ndebth study.
2)Economics as an art-Economics is an art because it includes application of information and knowledge.
Scope of economics-We ćan say that
Economics has a large scope.
1)Microeconomics
2)Macroeconomics
Nature of economics
1)Economics as a science-Sçience is a subject that includes indent study of a subject and and it's practical application.We can say that it applies completely to economics as it also includes various theories and i ndebth study.
2)Economics as an art-Economics is an art because it includes application of information and knowledge.
Scope of economics-We ćan say that
Economics has a large scope.
1)Microeconomics
2)Macroeconomics
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