Powerful tool
Wealth
Economics as Social and Applied Science Economics is primarily a social science. This systematic or
is being used in the study of
and its
components. Thus, social science can be described as the study of the various modes and aspects of
human interactions in a group as these people aspire to preserve their group as a social unit, to make it
stable, and to promote its
expansion, and development.
As a social science, economics pertains to the study on how-society creates its material
how it makes this wealth available to its
with minimum difficulties, and how it expands its wealth
What makes economics an applied science is the formulation of
through
testing, mainly using data from the past. In simpler definition, it is the study of observing how theories
in practice
Applied economics becomes a
to reveal the true and complete situation
in order to come up with things to do.
The use of applied economics is designed to analytically review potential outcomes without the noise
associated with explanations that are not backed by numbers. Because economics relies on the
interpretation of historical events in its theories, applied economics can lead to
lists for steps that can be taken to ensure
in real world.
EVALUATION
Make a table illustrating the differences of economics as a social and as an applied science​