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. It studies how individuals, businesses, governments, and nations make choices … Economics is a social science. Economics is a social science because it follows the “ ceteris paribus” rule( all other things remaining the same) just like in an experiment In the real world, economic variables such as price and income, are constantly changing, and this creates a problem in … The activities aimed at finding out customers’ needs and satisfaction can be described as? O C. it considers human behavior-particularly decision-making behavior. Everything that comes from current economic theory seems to be derived from mathematics and mathematical models. Increasing The Level Of Productive Resources So There Is A Minimum Level Of Income. Question: Economics Is A Social Science Concerned With: The Best Use Of Scarce Resources To Achieve The Maximum Satisfaction Of Economic Wants. A mixed economy combines the characteristics of both? Increasing The Level Of Productive Resources So There Is Maximum Output In Society. The word "economics" is from the Ancient Greek οἶκος oikos, "family, household, estate", and νόμος nomos, "custom, law", and hence means "household management" or "management of … Economics is a science because it can be approached scientifically, and its theories can be tested. C. deals with limited resources which have alternative uses The allocaIon of these resources involves making a choice. So let’s be clear…..it is no such thing. Economics focuses on the behaviour and interactions of economic agents and how economies work. A. deals with an aspect of human behaviour B. provides people with the commodity they want C. deals with limited resources which have alternative uses D. deals with the production of goods for present and future consumption E. is related to how choice is made. O B. it is based on studying the actions of individuals. NOTE: A Social Science is an academic discipline that studies some aspect of Human behaviour. If an increase in earning leads to more of a commodity being demanded, the good is said to have? How is economics any different from, for example, physics? Others are sociology, political science, and anthropology. This concept is central to the study of economics because economics studies the allocaIon of scarce resources, which have alternaIve uses. It is the _______? It is social because it involves people and their behavior. by Sunday | Aug 7 | Economics WAEC | 0 comments, A. deals with an aspect of human behaviour 100% correct and accurate. Economics is called a social science because it is A. ... Economics is not a Galilean science because controlled and repeatable experimentation is not possible. First, economics is a social science, so it seeks to explain something about society. One of the main objectives of the Second-tier Securities Market in Nigeria is to. (You can't fail Greece, or raise inflation to 10% in Germany, or shut down Apple, and see what happens. The study of the economy as a whole, including topics such as inflation, unemployment, and economic growth. Economics is a social science because it is the study of human behavior when it comes to money and how it is made and spent. Economics (/ ɛkəˈnɒmɪks, iːkə -/) is the social science that studies how people interact with value; in particular, the production, distribution, and consumption of goods and services. E. is related to how choice is made, Option A – deals with an aspect of human behaviour, Results for {phrase} ({results_count} of {results_count_total}), Displaying {results_count} results of {results_count_total}, Try these searches: Admission requirementsCut off markSubject combinationPast questionsDownload, Designed by Elegant Themes | Powered by WordPress. B. it is based on studying the actions of individuals. A branch of social studies B. Practice Exam Questions For FREE And Win Price. See below for the correct answer. As a social science, economics considers human behaviour in every context of decision making, not just in business. Which makes complete sense considering that economics studies the relationships that dictate how we produce and consume goods and services within the society. When a discount is allowed, the accounting entry is debit Discount allowed and credit? 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. Transcribed Image Text Economics is a social science because 0 A, it applies the scientific method to the study of the interactions among individuals. Economics attempts to explain economic behaviour, which arises when scarce resources are exchanged . An economy is always part of the social environment it generates funds ( albeit through taxation) that enables government to try and tackle social issues. Economics is categorized as a “social science” alongside anthropology, psychology and sociology. D. deals with the production of goods for present and future consumption Social science, any branch of academic study or science that deals with human behaviour in its social and cultural aspects. If a commodity has a high marginal utility, it’s market price will be? It is a science because it uses, as much as possible, a scientific approach in its investigation of choices. Economics is a social science that seeks to analyze and describe the production, distribution, and consumption of wealth. Why Economics is a Social Science? As Yves Smith makes clear, the status and power of economics and economists is connected to its claim to be a social science. Economics enjoys a singularly powerful position in our culture, above and beyond any social science, and indeed arguably beyond any academic discipline, period. This relates "economics is a social science because the data is uninformative" to the idea that economics is assumed (as a strong derpy prior) to be complex. Economics is a social science because of it. Economics is a social science because it examines the social behavior of human beings with regards to allocation of scarce resources in order to meet the needs of each individual in the society. It is "very serious" to say such things, but it's not a reason to avoid empirical data and treat economics like philosophy. Economics does have immutable laws: physics laws of social science. Which of the following is not correct? B. provides people with the commodity they want 5 Economics is a social science because A. it applies the scientific method to the study of the interactions among individuals. The most effective type of advertising for branded product is? E. is related to how choice is made, A. deals with an aspect of human behaviour, Designed by Elegant Themes | Powered by WordPress, Scarcity in Economics generally refers to. In addition, this science predicts the possible facts in which the economy It … Economics is one of several social sciences. is a social science that examines how people choose among the alternatives available to them. Posted by staff | Sep 24, 2018 | Economics | 0 |, Economics is a social science because of it, A. deals with an aspect of human behaviour Is it simply because it involves people? Economics is a social science because it? Economics is classified as a social science because it is a rigorous discipline that focuses on observing, studying and understanding human behaviors both at the individual and at the group levels. Samuelson says that Economics is “the queen of the social sciences”. Correct Answer: Option A Who are the parties to the contract of renting the room? Economics does not only involve production and distribution of goods and … Critics of “economic sciences” sometimes refer to the development of a “pseudoscience” of economics, arguing that it uses the trappings of science, like dense mathematics, but only for show. But economics is different from these other social sciences, because of what economists study and how they study it. With its strong mathematical foundation and its reliance on human behavior, economics straddles the gap between more basic types of science and so-called "soft sciences" such as anthropology and sociology. But you wouldn’t know that from the way many economists discuss economics. Which of the following is not a middleman in the distribution channel? Generally, economics is considered a social science although there are critics who believe that it does not meet the threshold of being a science. Economics is a social science concerned with the production, distribution, and consumption of goods and services. Which of the following is not a debit item in the partnership profit and loss appropriation account? The economics discipline has had, in fact, attacks of hubris.” (Yves Smith, Econned Palgrave Macmillan, 2010 p62-63). Statistics For The Social Science UI FSS 204 Exam Questions, EKSU Pre-Degree Program for Social Science Combination, FUOYE Pre-Degree Program for Management and Social…, Cut off Mark for Computer Science With Economics in…, OAU Pre-Degree Program for Social Science Combination, The Surest Ways To Gain Admission In Nigeria With Low JAMB Score, LIT309 Nigeria Oral Literature in English 2017-2018 Past-Questions, LIT307 African Written Poetry 2017-2018 Past-Question, LIT305 African Written Poetry 2017-2018 Past-Question, LIT204 Survey of American Literature 2017-2018 Past-Questions. The detractors argue that economics lack testable hypotheses and consensus and that there's a lot of political influence in the decisions taken by economists. Economics A social science that examines how people choose among the alternatives available to them. Economics is a social science because it deals with how people behave while trying to satisfy their needs and wants through relatively scarce resources True Economic products consist of both goods and services that are useful, relatively scarce, and transferable to others Economics is a social science because it deals with one aspect of human behaviour, viz., how men deal with problems of scarcity. The economics is a social science because it is responsible for analyzing, describing and interpreting the behavior of human beings in the economic environment. 1. And how is it a social science? Economics is considered a social science because it seeks to … D. deals with the production of goods for present and future consumption 2019 WAEC GCE Registration Form – Detailed Instructions & Guidelines, The inner diameter of a test tube can be measured accurately using a. SOCIAL SCIENCE: The scientific study of society--of human behavior and of social interactions. 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