explain scope and method of economics
Answers
Explanation:
HOPE TO HERE YOU SOON MATE.
the scope and methods of economics
economics is the study of how individual and societies choose to use the scarce the resources that nature abd previous generation has provided. economics is a behavioural or social science . in large measure it is the study of how people make choices
hope it will help you
Economics is an academic discipline or branch of Social Science which examines how rational individuals and the society as a whole allocate scarce or limited resources to satisfy their unlimited wants and demands.
Explanation:
There are various scope and applications of Economics in general which can reflected by its involvement in numerous fields and areas of study and research.Economic applications can be used in diversified fields such as in Behavioral Economics to study emotional/psychological attributes of economic decision making,in International Economics,to examine the patterns of international trade,in Finance,to evaluate the financial planning of households and businesses,in Health Economics,for studying various health care policies and their impacts,in Industrial Organisation,which analyzes various business decisions undertaken by firms or companies and their economic implications and much more.Economic theories and notions are also extensively used by government policymakers to study the possible welfare impacts of public policies.Therefore,the scope or applicability of Economics is increasingly vast and comprehensive and include many aspects of regular public life.
Now,the major methodologies followed by Economics include Positive Economics,which seeks to understand and explain economic events or occurrences in their actual or practical form without any kind of opinion or judgment,Normative Economics,which is a prescriptive method of analyzing the outcome of any economic phenomenon through proper judgment or value,Descriptive Economics,which basically describes or explains various economic information or occurrences and Economic Thoery,which examines the cause,effects,action or reaction of any economic event or phenomenon.