what is the scope of economics? is economics a science subject? the major part of the study of economics covers the business environment in relation to human behaviour as the scope of economics
The scope of economics is broad and encompasses various aspects of human behaviour, production, consumption, and distribution of goods and services. Here are some key areas within the scope of economics:
Microeconomics: Microeconomics focuses on individual economic agents such as households, firms, and markets. It analyzes how individuals and businesses make decisions regarding resource allocation, production, pricing, and consumption. check out the principles of consumption here
Macroeconomics: Macroeconomics deals with aggregate economic phenomena at the national or global level. It examines factors such as economic growth, inflation, unemployment, fiscal and monetary policies, and the overall behaviour of the economy.
International Economics: International economics studies the economic interactions between different countries. It includes topics such as international trade, exchange rates, balance of payments, global economic integration, and the effects of globalization.
Development Economics: Development economics explores the economic conditions and policies that influence the growth and well-being of less developed countries. It examines issues like poverty, income inequality, education, healthcare, and sustainable development.
Public Economics: Public economics focuses on the role of the government in the economy. It analyzes public goods, taxation, government spending, public policy, and the efficiency and equity implications of government interventions.
Financial Economics: Financial economics studies the allocation of resources in financial markets and the behaviour of financial institutions. It includes topics like investment analysis, portfolio management, risk assessment, asset pricing, and the functioning of financial intermediaries.
Behavioural Economics: Behavioral economics combines elements of psychology and economics to understand how people make economic decisions. It explores human biases, cognitive limitations, and social influences on economic behaviour.
Environmental Economics: Environmental economics examines the economic impact of environmental policies and resource management. It analyzes issues like pollution, natural resource depletion, climate change, and the valuation of ecosystem services.
what areas of life does the scope of economics cover
Economics is also concerned with human behaviour, such as how people in the process of buying and selling are scope of economics
Economics as a social science subject is also concerned with the study of firms or companies and the government which is responsible for the provision of goods and services for its people in order to satisfy their wants is a scope of economics
Economics is also regarded as a science because it adopts the scientific method.
NATURE AND SCOPE OF ECONOMICS
Economics belongs to a group of subjects called social sciences. Other social science subjects are sociology, geography, psychology, government, political science, religious studies, anthropology and philosophy and other scope of economics
Economics is regarded as a social science because it studies human behaviour. For example, is the price of a commodity rises, people will buy more, all things being equal. read here for more about purchasing power
- loans for businesses
- how to establish enterprises
- what is a firm
- price equilibrium
- scale of preference
- concept of economics
- economic tools for nation building
- factors affecting the expansion of industries
- mineral resources and the mining industries
- demand and supply
- types of demand curve and used
- advertising industry
- factors of production
- joint stock company
- public enterprises
how economics studies human behavior
Economics is also concerned with human behavior, such as how people in the process of buying and selling. Economics as a social science subject is also concerned with the study of firm or companies and the government which is responsible for the provision of goods and services for its people in order to satisfy their wants.
why economics is regarded as a science subject
Economics is also regarded as a science because it adopts the scientific method. The scientific method involves the following: read more on scientific methods here
Formulating a hypothesis
Collection of data
Organizing or analyzing the data
Testing the laws
Prediction on the basic of the laws
Even though economics is often regarded as a science subject, it does not assume the same level of precision and accuracy as any of the natural pure or physical and biology.
This is because economics deals with human behaviour, which is very complex and changes from time to time depending on the circumstances. all these mentioned above are some of the scopes of economics