Question

Describe economics as science as well as an art.

• A. As a science it is a systematised body of knowledge that traces the relationship between cause and effect
• B. As an art is a system of rules for the attainment of a given end
• C. Both A and B
• D. None of these

Answer 1

Answer: (C)

Both A and B

Economics as a science: Like science, economics is also based on the systematic knowledge which is based on facts and data. Also, these theories can be measured and verified and proved.

Economics as an art: Like art, economic problems can be solved practically. Also, it can be taught with the help of guidance, like art can be taught and the end can be achieved.