What Is Economics?

Running head : What is economic apprehensionTHE DEFINITION AND SCOPE OF ECONOMICSNameUniversityCourseTitleDateAbstractEconomics is a very(prenominal) broad atomic number 18a of study that affects all atomic number 18as of the ordination , from individuals in household and to a large extent the constitutional populace . This paper will attempt to define what economics is , the reach in which it applies , whether it is a acquisition or an fraud , its study areas of study and the relevance of the study in young clocksThe true(p) definition of the term economics has varied over measure , and this has been as a result of the dynamic change of scholarly person views over time .

As common with many other studies , economics also does not have a ideal definition but different scholars do give a similar definition Schenk (1997 ) states that Economics is the social science that examines how quid choose to use limited or scarce resources in attempting to satisfy their unlimited wants (P 1 . It can be propel 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 self-confidence 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 o! n our website: OrderEssay.net

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