While general economics explores the production, distribution and consumption of goods and services, applied economics takes a closer look at how economics can be applied in everyday life through research and analysis.

Here are five reasons why studying economics is important.

• Informs decisions. Economists provide information and forecasting to inform decisions within companies and governments.
• Influences everything. Economic issues influence our daily lives.
• Impacts industries.
• Inspires business success.
• International perspective.

Economics is regarded as a social science because it uses scientific methods to build theories that can help explain the behaviour of individuals, groups and organisations. Economics attempts to explain economic behaviour, which arises when scarce resources are exchanged.

Economics is a social science which details about the economy and its effect and impact on the society. Thus, economics is related to society and its people. The subject is therefore often identified as a part of social science and not a branch of natural science, chemistry or mathematics.

Economics is study of how people make choices under conditions of scarcity, and of the results of those choices for society. The study of individual choice under scarcity and its implications for the behavior of prices and quantities in individual markets.

Economics is classified as a social science. This view makes economics an academic relative of political science, sociology, psychology and anthropology. All of these disciplines study the behaviour of human beings individually and in groups. They study different subsets of the actions and’ interactions o human beings.

One of the primary arguments made against classifying economics as a science is a lack of testable hypotheses. Underlying the difficulty in developing and testing an economic hypothesis are the nearly unlimited and often unseen variables that play a role in any economic trend.

Although Economics is a science, it is different from pure sciences like Chemistry, Physics, Biology etc, because; Experiments in Economics are not conducted in a laboratory but in a society. Economics is dynamic where as pure science is fairly static. Economics theories are subjected to testing and modifications.

Economics as an Art: Mehta, ‘Knowledge is science, action is art. ‘ According to Pigou, Marshall etc., economics is also considered as an art. In other way, art is the practical application of knowledge for achieving particular goals. Hence, economics is considered as both a science as well as an art.

You can see that mathematics will already take up 50% of your studies, but Economics for only 25% at the start of the course! It is common for universities to provide mathematics modules in year one to ensure students are comfortable with Linear Algebra, Calculus and Statistics.

Lack of interest on any subject or matter creates boringness. Every subject has value. Concentration and anxiety about the subject are more important otherwise you will feel boring not only on economics but also on every subject and on every matter.

If you’re looking to study economics in college but you’d also like to go on to graduate school, then it’s vital that you take multivariate calc, differential equations, linear algebra, probability, statistics, mathematical modeling, and real analysis.