The ax Social science refers any type of subject that encounters human behaviour. Politics Science, Psychology, Ethics, etc. Come in ~ the definition of social Science.

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Economics is a society science since it deals with one facet of human being behaviour, viz., how men resolve problems that scarcity. Samuelson claims that economics is “the queen the the society sciences”.

Economics deals with human beings life in a society, i.e., in a big group of persons with emotional interests and also problems. The does not attend to problems of solitary individuals like Robinson Crusoe. In a community of human being everybody is influenced by the actions of the others.

Economics faces the tasks of people, living in an organised community or society, in so far as such activities are pertained to the earning and use of wide range or v the difficulties of scarcity, selection and exchange. Business economics is, there­fore, taken into consideration to it is in a branch that sociology i beg your pardon is a study of the background and nature of society. As a consequence of this we uncover that business economics is carefully related come the various other social sciences favor Ethics, political Science, and history etc.

Is business economics a Science?

The answer to this concern is ‘yes and also no’. Business economics can never ever be specific science, and is a various kind of self-control to, say, physics or chemistry. The significance of scientific research is prediction. Physical ‘laws’ tell united state what we think must happen. If girlfriend drop a pencil the end of one upstairs window, the known laws the physics predict the it must drops to the ground.


If ever a pencil flew vertically upwards, climate physicists would need to look again in ~ those legislations in order come accommodate this new possibility. One thing that would not get in the conversation would it is in the opportunity that the pencil ‘decided’ to paris upwards, and also here is wherein the ‘laws’ of business economics are an extremely different native the ‘laws’ of physics. Economics is a society science, which way that the studies aspects of person behaviour.

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The usefulness and also importance the the scientific research of business economics in social and individual life is beyond measure. The impact of business economics in society life is additional stressed by awarding the Nobel prize on this subject from 1969. The 1998 prize was given to Prof. Amartya Sen and also the 1999 prize to R. Mundell.

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