1.

Discuss the scope of economics.

Answer» Scope of Economics : The continuous growth in the subject matter of economics has led to divergent views about a scope of economics. It includes Subject matter of Economics, Economics is a science or an Art, or is it a Positive or Normative science.Subject\xa0Matter of Economics: The subject matter of economics is the study of grounds of material interests or as the science of wealth. Men who are sensible beings and take action under the active social, legal and institutional group. It eliminates the performance, manners of socially objectionable and uncharacteristic persons like misers, thieves etc. It consists of the study of the exertion of consumption, production, exchange and distribution of wealth, as well as the fortitude of the values of goods and services the amount of employment and the determinants of fiscal development. Further it comprises the study of grounds of poverty, unemployment, under employment, inflation etc. and actions for their elimination.Economics as a Science\xa0: Economics is a science since its laws have widespread soundness such as the law of diminishing returns, the law of diminishing marginal utility, the law of demand etc. It is called as a science since its self-remedial nature. It goes on amendments in the dawn of new specifics based on interpretations. Hence Economics is a science like any other science that has its own generalisations, theories or laws of economics which traces out a casual relationship between two or more phenomena.Economics as an Art : The\xa0practical application of scientific techniques is the Art of Economics. Some economists consider economics as a science and art while few others as science and applied science. It is considered as newest of science and oldest of arts and the queen of all the social sciences.Economics as a Positive Science\xa0: As per the nineteenth century experts, economics is a positive science. Since it seeks to explain what has actually happened but not what is ought to happen. According to J.N.Keynes, Positive science is defined as"A body of systematised knowledge concerning what ought to be and concerned with the ideal as distinguished from the actual."\xa0


Discussion

No Comment Found

Related InterviewSolutions