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This is because economic's central theme is opportunity cost.
Opportunity cost can be defined as the best alternative choice that you forgo when making an economic decision. Therefore, economics study these "choices" to choose the best choice, minimize the opportunity cost for that choice.
Wiki User
∙ 13y ago
Wiki User
∙ 9y agoEconomics is a study of how money is distributed, what economic policies are good and/or not good and how financial markets work. These are just a sampling of areas of economics. Its connection to human behavior is clear. It is people, nations, interest groups that all make economic actions by the way they or others save, spend, or invest funds. All these are driven by human behavior.
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Explain the study of economics as a science?
Economics uses the scientific method in explaining human behavior.
How do economics study human behavior?
Behavioral economics is the study of the effects of social, emotional, and cognitive factors on the economic decisions of people and companies. It also studies how market decisions are made.
How is economics related to Psychology?
Economics is the science of human action. Psychology is the study of the human mind. Psychology tells me why I prefer the a quiet nap to mowing a lawn that needs mowing (perhaps my mother hit me with a starter cord as a small child). Economics can predict my behavior because of that fact (I will cosume leisure over labor and forego the current costs).
How sociology related to economics?
your question is backwards. as a field of knowledge, economics started out as a type of sociology (or possibly was the original term for what we now call sociology). and there is such a thing as a liberal study of economics still. and economics is a study of human behavior but with advanced capitalism this behavior has left human's hands so the study sort of exists on its own as a study of a man-made but self-sufficient abstract force. hope that helps :)
What does an economic anthropologist study?
the financial factors that affect a society's cultural norms. A+
Explain the study of economics as a science?
Economics uses the scientific method in explaining human behavior.
Why is economics considered a social science?
Economics is the study of the mechanisms by which humans allocate resources. As such, it is a study of human behavior. Human behavior is not derived from physical laws (or, sometimes, even rational decisions), so it falls outside the realm of "hard" science.Economics is a social science because it is the study of the distribution of wealth, consumptive patterns, and means of production. Social stratification determine all of these attributes of economics, and thus economics is a social science.
Is economics a science an art or social science explain?
Economics is a social science because it is a field of study dealing with society and human behavior.
The branch of economics that focuses on how human behavior affects all areas of the economy?
The branch of economics that focuses on how human behavior affects all areas of the economy is known as behavioral economics. Behavioral economics combines insights from psychology and economics to study how individuals make decisions and how these decisions impact economic outcomes.
How do economics study human behavior?
Behavioral economics is the study of the effects of social, emotional, and cognitive factors on the economic decisions of people and companies. It also studies how market decisions are made.
What is organisational behavior as a field of study?
The organizational behavior is the study of human behavior in organizational settings. It is the interface between the human behavior and the organization.
What are the three branches or areas of social science?
The three branches of social science are sociology (study of human society and social behavior), psychology (study of mind and behavior), and economics (study of production, distribution, and consumption of goods and services in society).
How is economics related to Psychology?
Economics is the science of human action. Psychology is the study of the human mind. Psychology tells me why I prefer the a quiet nap to mowing a lawn that needs mowing (perhaps my mother hit me with a starter cord as a small child). Economics can predict my behavior because of that fact (I will cosume leisure over labor and forego the current costs).
How sociology related to economics?
your question is backwards. as a field of knowledge, economics started out as a type of sociology (or possibly was the original term for what we now call sociology). and there is such a thing as a liberal study of economics still. and economics is a study of human behavior but with advanced capitalism this behavior has left human's hands so the study sort of exists on its own as a study of a man-made but self-sufficient abstract force. hope that helps :)
What does an economic anthropologist study?
the financial factors that affect a society's cultural norms. A+
The study human behavior is not unique to ethics to what extent do you agree?
I agree that the study of human behavior is not unique to ethics. Other fields such as psychology, sociology, anthropology, and biology also study human behavior from different perspectives. While ethics may focus on the moral implications of behavior, these other disciplines provide additional insights into the complexity of human behavior.
Who study's human behavior?
psychologist
