Economic is a social science because it studies how people make decisions about spending money on different types of goods or services based on income levels, prices, and other factors that influence the demand for goods or services in an economy. It also studies how these activities are affected by the actions of governments, individuals, businesses, and other organizations like labor unions.
The field of economics focuses on the production, distribution, and consumption of goods and services as well as the allocation of scarce resources among alternative uses.
Economics is a social science because it studies human behavior in relation to money and wealth. The main focus is on how people make choices between various alternatives involving money or wealth in order to achieve their goals as efficiently as possible under given constraints.
Economics is the study of how people use scarce resources to satisfy their unlimited wants. A subject area that has its roots in philosophy, economics attempts to answer such questions as What should be produced? How should it be produced? For whom should it be produced? Should everyone have equal access to something? How can we best allocate resources among competing needs?
In this way, economics is a broad field encompassing many specialties within its fold. Some economists might focus on monetary policy and macroeconomics while others might specialize in labor issues or international trade.
The study of economics can be an extremely useful tool for anyone who wants to make better decisions about managing their finances.
