Nature of Economics
Nature and Significance of Economics
Nature of Economics
TABLE OF CONTENTS
1. Intro
2. Economics is a science
Positive Economics
Normative Economics
3.Economics is an art
1.Intro
Economics is a social science which means it studies society and relationships between people. Economists analyze many different aspects of human behaviour and decision-making within and between markets, organizations and countries.
2. Economics is a science: Science is an organised branch of knowledge, that analyses cause and effect relationship between economic agents. Further, economics helps in integrating various sciences such as mathematics, statistics, etc. to identify the relationship between price, demand, supply and other economic factors.
Positive Economics: A positive science is one that studies the relationship between two variables but does not give any value judgment, i.e. it states ‘what is’. It deals with facts about the entire economy.
Normative Economics: As a normative science, economics passes value judgment, i.e. ‘what ought to be'. It is concerned with economic goals and policies to attain these goals.
3.Economics is an art: Art is a discipline that expresses the way things are to be done, so as to achieve the desired end. Economics has various branches like production, distribution, consumption, and economics, that provide general rules and laws that are capable of solving different problems of society.
Therefore, economics is considered as science as well as art, i.e. science in terms of its methodology and arts as in application. Hence, economics is concerned with both theoretical and practical aspects of the economic problems which we encounter in our day-to-day life.
👇👇Significance of Economics👇👇
https://yosamnath.blogspot.com/2022/11/significance-of-economics.html
👇👇Scope of Economics👇👇
https://yosamnath.blogspot.com/2022/11/scope-of-economics.html
Comments
Post a Comment