ECONOMICS AS A SCIENCE, ARTS OR SOCIAL SCIENCE

ECONOMICS AS A SOCIAL SCIENCE

Like other pure sciences, economics acquires knowledge (data) through a systematic observation of facts, classifying the mass of data collected into their different relevant areas, using the facts collected for generalization of law, applying the formulated law to analyze new situations with a strong reliance on a certain assumption to enable the law to hold true at all time. The assumption is, “Ceteris Paribus’’ meaning “All things being equal’’.

Economics is basically a social science subject and not an art or pure science due to the following reasons.

  1. In pure sciences, such as Chemistry, Physics, Biology, there are observations, selection and classification of relevant materials in making generalization to formulate laws, but in economics its fundamental facts are the daily observation.
  2. In pure sciences, observation from laboratory experiments are more precise and can be reproduced exactly, but in economics they are attained from human and cannot be exactly produced.
  3. In physical sciences, theories are made from logical deductions but in economics, assumptions are made such as “ceteris paribus” meaning “all other things being equal” though they both use scientific method.
  4. Economic laws are based on probabilities while pure sciences have exact relationship.
  5. Economics is a social science subject dealing with the behaviour of human, which cannot be predicted.
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Economics, therefore, deserves to be called a science subject because it makes use of scientific methods in its area of studies. That is, it makes use of both deductive and inductive methods.

 

EVALUATION

  1. Economics is a science, explain.
  2. Give two reasons why economics is regarded as a social science

 

CAREER PROSPECT FOR STUDYING ECONOMICS

The study of economics leads to professionalism as it provides an individual with employment opportunities in any field or organization. An economist can fit in very well into any organization as long as resources are involved. The acquisition of knowledge of economics helps an individual to function effectively and efficiently in the following fields.

  • Lecturing in higher institution
  • Marketing
  • Banking
  • Managing an organization
  • Consultancy, etc

 

EVALUATION

  1. How is the study of economics relevant to individual’s career prospect?
  2. Itemize the career opportunities that are opened to an economist .

  

GENERAL EVALUATION QUESTIONS

  1. What is behavioral Science?
  2. Define Economics according to Adams Smith.
  3. List other subjects related to Economics.
  4. Define the term Economic rent.
  5. Who are the principle economic unit in any  system?
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WEEKEND ASSIGNMENT

  1. In order to reach a sound conclusion about human behaviour, economics relies on the findings of other……….. (a) commercial subjects (b) arts subjects (c) pure science subjects (d) social science subjects
  2. Unlike pure science, the generalized law in economics is majorly based on ……….

(a) certainty (b) probability (c) precision (d) accuracy

  1. Career prospect in the study of economics means………….. (a) employment avenue (b) fraudulent avenue (c) job scarcity (d) wealth distribution
  2. Economics is often described as a science because it (a) adopts the use of laboratory experiments   (b) uses scientific method to explain observed phenomena (c) deals with observation and field work   (d) involves accurate prediction of human beings
  3. Economics as a field of study is a …….. (a) pure science (b) political science (c) social science (d) physical science

 

SECTION B

  1. Write short note on the career prospect for studying economics
  2. Economics is a science, discuss in two paragraphs.

 

See also

ECONOMICS

RATIONING AND HOARDING

PRICE CONTROL/ LEGISLATION

CROSS ELASTICITY OF DEMAND

INCOME ELASTICITY OF DEMAND

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