Economics is regarded by many economists as a science. This fact is even seen in the definitions of John Stuart Mill, Davenport and Professor Lionel Robins. In the light of this, it will be applicable to discuss the view that economics is a science.
In order to get the issues we need and want, we’ve got to use what’s referred to as Scarce Resources. A Scarce Resource is something that we can use more of than what now we have available; the 2 biggest examples of this are time & money. Using these assets, whatever they might be, now we have to figure out one of the simplest ways to use what we have, to get what we want/need; the study of how we make these decisions is Economics.
In life, there are issues we’d like, and things we want. For example, to dwell we want: meals, shelter, clothes, and … Read more