Nature of Economics

 

Economics is classified as a social science because it deals with the study of man's life and how he lives with other men. Obviously, economics is interdependent with other sciences like sociology, political science, history, geography and physics. In fact, it is even affected by religion. For example, a jobless man is likely to create a social crime like stealing. The policies of the government influence economic activities. The geography of a region determines the main sources of incomes of the people, like fishing or farming. The solution of economic problems or economic planning may rely on past events or historical developments. In the case of physics, it produces machines and electricity. These are very useful in the production of goods and services. Likewise, religion is related to economics. Religious traditions and beliefs can discourage or encourage economic development. Some tribes in Africa feed wild crocodiles with pigs or chickens in the hope of increasing their farm harvest. The crocodiles are one of their gods.

Considering the nature of economics, it is not advisable to solve an economic problem with economic solution alone. This will not solve the problem. Our economic problems are not purely economic in nature. These are also caused by noneconomic factors which maybe cultural, educational, social, or political. Therefore, to minimize or completely solve an economic problem, we need not only economic solutions but also political, social, and cultural reforms. For example, a poor farmer has several bad habits like heavy drinking and gambling. He remains very poor because he is just a tenant, and he spends his little income mostly on his vices. Giving the poor farmer a land of his own does not automatically improve his economic condition. If he does not know how to use properly his income, and the middleman gets most of the fruits of production of the farmer, then the economic problem of the farmer has not been solved.

More by this Author

  • Division of Economics
    9

    Division of Economics 1. Microeconomics — deals with the economic behavior of individual units such as the consumers, firms and the owners of the factors of production. Such specific economic units...

  • ELASTICITY AND CONSUMER BEHAVIOR
    7

    > Elasticity and Consumer Behavior Based on the law of demand, buyers are willing and able to purchase more goods and services at lower prices than at higher prices. These are natural reactions or inclinations of...

  • Branches of Biology and Their Meaning
    4

    Biology is the study of living organisms and there are many subfields of study under that umbrella. From anatomy to zoology, there are more than 30 different areas of study under biology.


Comments 25 comments

jheng 6 years ago

nice one!!!


Equinimate 5 years ago

i guess i got ideas for the homework gave by my professor..


Equinimate 5 years ago

i guess i got ideas for the homework gave by my professor..


ibrahim abass kelvin 5 years ago

I must confess dat's preaty nice.


Collins 5 years ago

its vry interstn to kn that we can not solve our economic prlms with only economic solutions bt with other social factors in consideration.


TheSpaceBetweenUs 5 years ago

The farmer's economic problem is not an economic problem. It is an economic result. The farmer's actions are the problem.


vebs arbado 5 years ago

thanks for this....this help me too much in making my report.....


ankur 5 years ago

little good


riya 5 years ago

dat ws a average


hemant goswami 5 years ago

niceeeeeeeeeeee


Digvijay 5 years ago

the examples are very nice


Nitesh sharma (meerut) 5 years ago

There are no devide in many part


akash tripathi 5 years ago

it is such a nice description of the nature of economics along with the real life examples. it is dramatic.


Josh 5 years ago

That is salient point


SAJJID MANGRAL 4 years ago

I think its a lengthy but nice and brillent topic for my exam


dani 4 years ago

this is pretty good


AKEYEWALE HABEEB 4 years ago

Daz good, i gained smtin


Manka mwasha 4 years ago

I do real real lyk it!


Angel calista 4 years ago

I gues i jst undestood smthn abt life.


Ratnesh singh motihari 4 years ago

It mast inpontand few word.but nice to read


saira butt 3 years ago

understandable...............;


Dave Alonso 3 years ago

thats great one keep it up!!!!!!


neha 3 years ago

good


Randy M. Camarillo 2 years ago

it's very helpful ideas I've learned here and it made my homework more comprehensible and clear. So thanks a lot!


jr 2 years ago

nature of economics

    Sign in or sign up and post using a HubPages Network account.

    0 of 8192 characters used
    Post Comment

    No HTML is allowed in comments, but URLs will be hyperlinked. Comments are not for promoting your articles or other sites.


    Click to Rate This Article
    working