Why is economics considered a social science?
Economics is about society and it is about improving conditions for the economic upliftment of people in a society. It seeks to measure well being of society. One example of such a measure of human well being is the Human Development Index that ranks countries as developed, developing or underdeveloped. Two concepts we need to keep in mind are (1) resources available are limited and (2) man’s desires and needs are unlimited. Because of this, as individuals, communities and countries we have to make decisions and choices. Economics is the study of these decisions and behaviours that leads to findings and recommendation on how to better or more efficiently allocate resources at various levels (individual, community, national and international). Economics involves the generation, collection, study and analysis of both quantiative and qualitative data about the social environment to arrive at trends, make predictions, and arrive at conclusions that affect society. In other words, one could
