economics is an important social subject
need big long answer
Answers
Explanation:
The term Social Science refers any subject that deals with human behaviour. Political Science, Psychology, Ethics, etc. come within the definition of Social Science.
Economics is a social science because it deals with one aspect of human behaviour, viz., how men deal with problems of scarcity. Samuelson says that Economics is “the queen of the social sciences”.
hope this help you please mark me as BRAINLIST ANSWER
Answer:
Economics is the scientific study of the ownership, use, and exchange of scarce resources – often shortened to the science of scarcity. 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.
In terms of methodology, economists, like other social scientists, are not able to undertake controlled experiments in the way that chemists and biologists are. Hence, economists have to employ different methods, based primarily on observation and deduction and the construction of abstract models.
As the social sciences have evolved over the last 100 years, they have become increasingly specialized. This is true for economics, as witnessed by the development of many different strands of investigation including micro and macro economics, pure and applied economics, and industrial and financial economics. What links them all is the attempt to understand how and why exchange takes place, and how exchange creates benefits and costs for the participants.
The study of economics
The study of economics involves three related investigations.
Why scarce resources are exchanged?
How consumers and producers behave as they interact with each other in markets, in their attempt to achieve mutually beneficial exchange?
The role of government in compensating for the limitations of markets in achieving mutually beneficial exchange?