What Is Economics?

Running head : What is economicsTHE DEFINITION AND SCOPE OF ECONOMICSNameUniversityCourseTitleDateAbstractEconomics is a actually broad ara of study that affects all areas of the society , from individuals in household and to a large extent the entire clump . This paper will attempt to define what economics is , the arena in which it applies , whether it is a acquisition or an art , its major areas of study and the relevance of the study in modern cartridge clipsThe straightforward definition of the term economics has varied over time , and this has been as a result of the dynamic change of learner views over time .

As common with many opposite studies , economics also does not have a trite definition but different scholars do give a similar definition Schenk (1997 ) states that Economics is the social science that examines how hatful choose to use limited or scarce resources in attempting to satisfy their unlimited wants (P 1 . It can be effected from the above definition that economics is both a science and an art . It is a science in that it follows principles and theories that can be proved through scientific methods . It is also an art in that human behavior , which cannot be measured objectively , is at play . There are also basic tenets that are usually associated with the study of economics and the most profound is the judgment of scarcity which later tags along other laws such as the demand and supply laws . Scarcity is an...If you want to get a full essay, order it on our website: Orderessay

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