1.Economic is an Art or Science.pptx -Nature of the business economics

Economic is an Art or Science.pptx

1. Nature — Economics is an Art and Science

Economics as a science: Science is defined as a branch of knowledge
that is associated with the cause and effect relationship and analyses
economic factors. Additionally, economics contributes in combining
various sections of science like statistics, mathematics, etc., to
understand the relationship between price, supply, demand, and
various economic determinants.

Positive economics: Positive science examines the connection between
two variables, but it does not furnish any value judgment, which means
that it only states ‘what is’ and deals with just the facts related to the
economy.

Normative economics: According to normative science, economics
transfers value judgment, which indicates ‘what ought to be. This form
of science is invol in policies required to achieve these economic
goals.

2. + Economics as an art: Art is a system that controls and represents the
way things should be approached and completed. Economics has
multiple sections such as creation, delivery, consumption, finance, and
implementation of standard rules and regulations that are competent in
solving complex issues and queries of the society.

» Therefore, economics is recognized as both science and art: science for
its methodology and arts for its applications in both professional and
practical aspects of the economic problems we confront every day.