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How is economic similar to other social sciences?

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How is economic similar to other social sciences?

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  1. Economics is a social science that deals with the allocation of scarcemeans in sucha manner that the producer is able to maximise his profits,cosumer is able to maximise his satisfaction and the society is able to maximise its social welfare.


  2. Economics, as other social sciences, essentially studies the same unit: the individual or a collection of individuals (society) but it differs from other social science in its approach to the subject.

    For instance sociology tries to explain how individuals interact with each other and for that end sociologist create theories to explain the phenomenons they observe. On the other hand economists, particularly, microeconomists also study the individual's behavior but only as to how he/she makes his/her consumption, savings, investement or other decisions where there is a trade-off involved.

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