Economics is a social science and like all scientists, economics distinguishes two types of statements

Economics Dec 08, 2020

Economics is a social science and like all scientists, economics distinguishes two types of statements. Elucidate.

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Social science is a branch of science that deals with individuals and their relationship with the societies, economics distinguish two types of economic, namely micro and macroeconomic. Microeconomic deals with individuals and their business or economic activities. The other type is the macroeconomic which deals with economic activities of the whole society, government or nations. Microeconomics is the bottom approach because it also deals with supply and demand hence determining the prices in the market.

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