--%>
Assignment Help - homework help

Economics as a science

Economics as a science:

We no longer ask the problem whether economics is an art or a science. Science is a systematized body of knowledge. Merely as physics and chemistry are sciences, economics is as well a science. We examine facts, conduct experiments and made generalizations in physics and chemistry subsequent to testing the outcomes. The similar scientific techniques are followed in economics too. Economics, like all other sciences, studies the association among cause and effect.

Sciences might be broadly classified into physical and social sciences. Physics and chemistry are illustrations of physical sciences. Economics is a social science. It studies concerning a particular aspect of human behavior. And human behavior is full of complication. It is not simple to study it. Therefore economic science is not as accurate and exact as the physical science.

However economics contains greater right to be considered as a science than other social sciences such as politics or history since in economics we make utilizations of money as a measuring rod of utility. This is true that it is only a coarse measure however still it enables us to provide concrete shape to the laws of economics. At times, what we say in economics might not come true in real life. However this is the situation with many other sciences. For illustration, we joke about weather forecasts. The weather report in the newspaper might say that there will be heavy rainfall on a specific day. However there might not be any rain at all on that specific day. On account of that, we can’t say that meteorology (i.e., the science of weather) is not a science. Likewise, when some economic laws don’t come true, we can’t say that economics is not a science.

   Related Questions in Business Economics

  • Q : Absolute advantage in international

    One early involvement of Adam Smith to the theory of gains by international trade, although later thoroughly revised and refined through David Ricardo, was the conception of: (1) mercantilism. (2) absolute advantage. (3) comparative a

    		•
  • Q : Competition is the essential despot of

    Evaluate and explain the statements: “Competition is the essential despot of the market economy”.

    		•
  • Q : Write short note Economics Write short

    Write short note Economics?

    		•
  • Q : What are the main sources of growth

    What are the main sources of growth?

    		•
  • Q : Reciprocal Trade Agreements Act had

    How Reciprocal Trade Agreements Act had goal of reducing tariffs?

    		•
  • Q : Decomposition of Private Sector Can

    Can someone help me in finding out the right answer from the given options. The private sector is decomposed into: (1) Businesses and investors. (2) Households and stockholders. (3) Households and investors. (4) Businesses and households.

    		•
  • Q : What is the opportunity cost of your

    Suppose you arrive at a store expecting to pay $100 for an item, but learn that a store two miles away is charging $50 for it.  Would you drive there and buy it?  How does your decision benefit you?  What is the opportunity cost of your decision?  Now suppose you arrive at a s

    		•
  • Q : Opportunity Cost Opportunity Cost :

    Opportunity Cost:Whenever you select a particular alternative, the next best alternative should be given up. For illustration, when you desire to watch cricket highlights in T.V., you should

    		•
  • Q : Elucidate how Personal income tax is a

    Elucidate how Personal income tax is a major source?

    		•
  • Q : Cooperative and non-cooperative outcome

    Question: Cineplex and AMC are two rival movie theatre chains. They must each decide whether to set an admission price of $10 or set an admission price of $12; of course, the number of movie goers (and thus their r

    		•