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Nature of Economics

Updated on November 18, 2009

 

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.

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    • profile image

      jr 

      5 years ago

      nature of economics

    • profile image

      Randy M. Camarillo 

      5 years ago

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

    • profile image

      neha 

      5 years ago

      good

    • profile image

      Dave Alonso 

      5 years ago

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

    • profile image

      saira butt 

      6 years ago

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

    • profile image

      Ratnesh singh motihari 

      6 years ago

      It mast inpontand few word.but nice to read

    • profile image

      Angel calista 

      6 years ago

      I gues i jst undestood smthn abt life.

    • profile image

      Manka mwasha 

      6 years ago

      I do real real lyk it!

    • profile image

      AKEYEWALE HABEEB 

      6 years ago

      Daz good, i gained smtin

    • profile image

      dani 

      6 years ago

      this is pretty good

    • profile image

      SAJJID MANGRAL 

      7 years ago

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

    • profile image

      Josh 

      7 years ago

      That is salient point

    • profile image

      akash tripathi 

      7 years ago

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

    • profile image

      Nitesh sharma (meerut) 

      7 years ago

      There are no devide in many part

    • profile image

      Digvijay 

      7 years ago

      the examples are very nice

    • profile image

      hemant goswami 

      7 years ago

      niceeeeeeeeeeee

    • profile image

      riya 

      7 years ago

      dat ws a average

    • profile image

      ankur 

      7 years ago

      little good

    • profile image

      vebs arbado 

      7 years ago

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

    • profile image

      TheSpaceBetweenUs 

      7 years ago

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

    • profile image

      Collins 

      7 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.

    • profile image

      ibrahim abass kelvin 

      7 years ago

      I must confess dat's preaty nice.

    • profile image

      Equinimate 

      8 years ago

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

    • profile image

      Equinimate 

      8 years ago

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

    • profile image

      jheng 

      8 years ago

      nice one!!!

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