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What is Economics: Social vs Applied Science about?

Economics can be differentiated as a social science and applied science in terms of nature and scope. As a social science, economics aims to explain human behavior and society through observation and testing of hypotheses. As an applied science, economics utilizes scientific knowledge to develop practical solutions to problems by applying economic theories to real-life situations. Economics involves the study of scarcity, resources, production, consumption and other factors at both the macro and micro level

Author

kath

Language

EN