Running head : What is economicsTHE DEFINITION AND SCOPE OF ECONOMICSNameUniversityCourseTitleDateAbstractEconomics is a really broad ara of study that affects all areas of the society , from individuals in household and to a large extent the entire formal . This paper will attempt to define what economics is , the sector in which it applies , whether it is a acquisition or an imposture , its study areas of study and the relevance of the study in modern pickup truck clipsThe straightforward definition of the term economics has varied all over time , and this has been as a result of the dynamic interchange of learner views over time .
As common with some opposite studies , economics also does not have a trite definition but different scholars do pay off a similar definition Schenk (1997 ) states that Economics is the social science that examines how hatful choose to use limited or but resources in attempting to satisfy their unlimited wants (P 1 . It tin 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 canonical tenets that are usually associated with the study of economics and the most healthy is the judgment of scarcity which later tags along other laws such(prenomi nal) as the demand and supply laws . Scarci! ty is an...If you want to irritate a full essay, order it on our website: OrderCustomPaper.com
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