Group 1

Economics as
Social Science
The Queen of Social
Science
Economics is regarded as a social
science because it uses scientific
methods to build theories that can
help explain the behavior of
individuals, groups and organizations.

Economics deals with human beings living in a

society in a large group of persons with touching
interests and problems. It does not deal with
problems of solitary individuals like Robinson
Crusoe.
Economics deals with human beings living in a
society in a large group of persons with touching
interests and problems. In a community of people
everybody is influenced by the actions of the others.

Economics is a social science. This means that economics has two

important attributes. Economics studies human activities and
constructions in environments with scarce resources, and uses the
scientific method and empirical evidence to build its base of
knowledge.

Economics is a social science which details about the

economy and its effect and impact on the society. The
market place where trade and commerce takes place in the
society is never a preexisting condition of nature. It is not
cosmic or natural. Thus, economics is related to society and
its people.