Question

Elaborate on the nature and scope of Economics?

Answer 1

Economics nature:

1. The nature of a subject refers to its contents and how and why they find a place in the subject.
2. This nature is understood by studying the various definitions given by the notable economists.
3. The existence of multiplicity of the definitions makes some scholars comment that a search for a clear definition of economics is an exercise in futility.
4. “Political economy is said to have strangled itself with definitions.”
5. Their presence makes studying a subject interesting, exciting, enjoyable or worthwhile.
6. In fact, their presence in a social science subject is a clear sign of the growth of the science.
7. It indicates that there exists freedom for people associated with such as science to formulate fresh definitions.

Scope of Economics:

1. The scope of the subject of Economics refers to on the subject matter of economics.
2. It throws light on whether it is an art or science and if science, whether it is a positive science or a normative science.

Economics – Its Subject Matter:

1. Economics focuses on the behaviour and interactions among economic agents, individuals and group belonging to an economic system.
2. Economics studies the ways in which people use the available resources to satisfy their multiplicity of wants.
3. The activities of rational or normal human beings are the subject-matter of Economics.