What does nature of economy mean?
Dear Student,
The nature of economics is the study of wealth, human behaviour and scarce resources and their utilisation. Economics is considered as a science as well as art because it includes the continuous and systematic study of facts, and all laws are tested and based on the experiments with a full explanation.
And it's an art because art includes the practical application of knowledge and facts.
Regards,
The nature of economics is the study of wealth, human behaviour and scarce resources and their utilisation. Economics is considered as a science as well as art because it includes the continuous and systematic study of facts, and all laws are tested and based on the experiments with a full explanation.
And it's an art because art includes the practical application of knowledge and facts.
Regards,