Why is the economics regarded as a science and choice?
Answers
Answered by
0
Economics regarded as a science refers thag how the economists take decisions regarding production and consuming goods and services.
Resources like land, labor, capital and entrepreneurial skills are limited and have alternative uses and human wants and desires for them are unlimited .This is the major economic problem which is relative scarcity. Because of this scarcity society has to make effective and efficient utilization of resources to avoid the wastage of these scarce resources.
. It is a science because it studies the forces of supply and demand that determine the prices that in turn govern how resources might be allocated to optimise the production of the goods and services that we all want / need. Just like physics, economics has elaborate mathematical models that attempt to understand systems and predict outcomes.
Resources like land, labor, capital and entrepreneurial skills are limited and have alternative uses and human wants and desires for them are unlimited .This is the major economic problem which is relative scarcity. Because of this scarcity society has to make effective and efficient utilization of resources to avoid the wastage of these scarce resources.
. It is a science because it studies the forces of supply and demand that determine the prices that in turn govern how resources might be allocated to optimise the production of the goods and services that we all want / need. Just like physics, economics has elaborate mathematical models that attempt to understand systems and predict outcomes.
Answered by
17
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.
Similar questions