Why Is Economics A Social Science?

What is the meaning of the statement, “Economics is a social science”?

The statement “Economics is a social science” basically sees Economics as a science that studies an aspect of human behavior through the use of scientific method.

What aspect of human behavior does Economics study? It studies that aspect of the human behavior that deals with how the human being allocates his scarce resources among several wants or needs.

Economics is considered a social science because it employs the use of the scientific method to study an economic problem or phenomena. The scientific method is made up the following steps:

·         Identifying the problem or phenomenon

·         Observation of facts through data gathering

·         Statistically analyzing the data collected to identify a pattern

·         Forming theories or laws with the pattern identified

·         Using the theories or laws to make predictions

·         Testing the theories

Since Economics employs the use of the above “Scientific Method” it is considered a science.