Economics belongs to a group of subject called SOCIAL SCIENCES other social science subject are: SOCIOLOGY,GEOGRAPHY,PSYCHOLOGY,GOVERNMENT,POLITICAL SCIENCE,RELIGIOUS STUDY,ANTHROPOLOGY AND PHILOSOPHY.Economics is regarded as a social science because it studies human behaviour. For example ,if the price of a commodity rises,people will buy less,while if the price of such commodity decreases
,people will buy more,all things being equal. Economics is also concerned with human behaviour, such as how people achieve their want.Buying and selling is always our day to day routine i.e man interact with poeple in the process of buying and selling.Buying and selling may not at times involve money but the transaction is called TRADE BY BARTER.For example;Nigeria gives crude oil in return of goods like network gadget and many more from America and others countries.
Economics is also regarded as a science because it adopts the scientific method. the science methods involves the following:
(i) Observation
(ii) Formulating a hypothesis
(iii) Collection of data
(v) Testing the laws
(vi) Prediction on the basis of the laws
Even though economics is often regarded as a science subject,it does not assume the same level of decision and accuracy as any of the natural pure or physical science like chemistry, physics and biology. This is because economics deal with with human behaviour, which is very complex and changes from time to time depending on the circumstances.
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