Economics -Social Science or Applied Science?

It uses models to visualize information and analyze variables and their relationships.

• Economics as Social Science

• Economics as Applied Science

It uses scientific methods to build theories to help explain the behavior of individuals, groups and organizations.

• Economics as Social Science

• Economics as Applied Science

It studies how individuals make choices in allocating scarce resources to satisfy their unlimited wants.

• Economics as Social Science

• Economics as Applied Science

It is characterized as the application of economic theory and econometrics

• Economics as Social Science

• Economics as Applied Science

It is a powerful tool to reveal the real and exact situation in order to come with things to do.

• Economics as Social Science

• Economics as Applied Science

It formulates theories through testing and analyzing historical data.

• Economics as Social Science

• Economics as Applied Science

It is concerned with the production, distribution and consumption of goods and services.

• Economics as Social Science

• Economics as Applied Science

It studies the way in which societies solve the fundamental problem of reconciling unlimited wants of individuals with limited resources.

• Economics as Social Science

• Economics as Applied Science

It utilizes economic theories and models

for forecasting future trends.

• Economics as Social Science

• Economics as Applied Science

It teaches valuable lessons to avoid

recurrence and minimize the impact of a

negative situation.

• Economics as Social Science

• Economics as Applied Science