Is economics a social science and reasons why?

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skipperb | (Level 2) Adjunct Educator

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Economics is one branch of the social sciences.

The social sciences are concerned with the study of human behavior using the scientific method and observations.

Each discipline within the social sciences approaches group and individual behavior from a different perspective.

Economics is a social science since it studies human consumption, production, and the allocation of scarce resources among groups and individuals.

Economists can study various cultural and governmental models such as how one religion believes resources should be allocated or a form of government, such as democracies and majority rule.

Economics can be shaped by the political process, and the market can be influenced by the psychology of individuals who buy stocks.

An economist may study the implications of a new policy on a country's financial health and how certain groups may respond.

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