Question

Discuss three points about the nature of Economics.

Answer 1

Nature of economics:

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

Economics as social science: Like social science, it deals with the study of men living in a community and their behavior with other men. Thus it focuses not on the individual but social process and behavior.

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