Question

Is economics a science? Why, or why not? As part of your response and explanation, include the definitions of “science” and “economics” as you understand them

atleast a 100 word

Answer 1

Yes Economics is considered as social science as it studies about relationships between individuals and societies as well as the development and operation of societies. Economics as social sciences also use a number of quantitative tools used in the natural sciences to chart and understand trends. Economics as science cannot show sophisticated way of working or knowledge but it is based on the hypothesis that can be true and false depending upon the various theories developed over the period of time.

Economics is study about human behavior towards various factors that affects their decision making. Economics studies about society as whole and how the resources available in the society will be used and their optimum utilization is possible. Economics as social science develops hypothesis and study human behavior on predetermined hypothesis in which decision making by human will prove it true and false.

Science is based on predetermined notion and supported by verified experiments and techniques which are true in particular sense. Experiments done in the past become the proven theory. They are purely based on the verified experiment done in the past; accordingly a theory appears as science.