When people talk about economics, they usually refer to man’s behavior or attitude in terms of his activities that involve money. Â Economics is also considered to have a relation to the way people buy goods and consume them. And indeed, economics actually refers to people’s behavior in terms of purchasing, producing, and consuming several items. Â And for this reason alone, economics is considered a social science.
When talking about social science, people would think about people’s ways of dealing with the various things that happen around them. Â And this particular behavior can be applied to the study of economics because it deals with people’s decision-making powers on what and how they purchase certain items, and how these items will be distributed and consumed.
For some people, only the money aspect may come to their minds when speaking of economics. Â A particular country may be deemed to have a good economy if it is able to provide for the various needs of its citizens and is able to improve its infrastructure, the working and living conditions of its people. Â For the most part, this scenario is true. Â But the other side of it actually points to how people manage their own resources to drive the national economy. Â Like in the case of purchases and consumption, the people play a big part in a particular country’s economic cycle. Â During tough times, for example, most people may resort to hoarding basic goods such as food and water supplies and letting go of seemingly unnecessary items such as going to the park or the movies. Â Because of these specific behaviors, those in the basic food business will be affected in terms of the supply while those in the theater and movie business, meanwhile, may be affected in terms of low ticket sales. Â By this example alone, one can see that economics is largely a social science involving human behavior in terms of managing money and resources.