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Economics As A Social Science
Economics As A Social Science
Economics As A Social Science
SCIENCE
ECONOMICS AS A SOCIAL SCIENCE
Economics is classified as a social science because it studies
the way in which societies solve the fundamental problem of
reconciling unlimited wants of individuals with limited resources.
It uses scientific method by observing reality and addressing
questions and problems to explain and arrive at the formulation
of theories and models.
• How to produce
• What to produce
• For whom to produce
How to produce?