Economics As A Science - SS1 Economics Lesson Note

Economics is considered a social science because it employs scientific methods to study human behaviour in relation to the production, distribution, and consumption of goods and services.

Economists use quantitative and qualitative research methods to gather and analyze data, formulate hypotheses, and test theories. They also use mathematical models to make predictions and evaluate policies.

Economics is based on a set of fundamental principles and theories that can be observed and tested in real-world settings. These principles and theories have been developed over time through empirical research and analysis.

Economics is a science because it applies systematic and objective methods, and it aims to generate knowledge that can be used to improve the welfare of society.