Business economics is science or art

How business economics is an art?
Economics is an art: Art is a discipline that expresses the way things are to be done, so as to achieve the desired end.
Economics has various branches like production, distribution, consumption and economics, which provide general rules and laws that are capable of solving different problems of society..
How business economics is science as well as art?
Similarly, economics also requires human imagination for the practical application of scientific laws, principles, and theories to perform a particular activity.
Art is a system of rules for the achievement of a given end.
We know that in practice, economics is used for achieving a variety of goals..
Is business economics a science and art?
Therefore, from all the above discussions we can conclude that economics is neither a science nor an art only.
However, it is a golden combination of both.
According to Cossa, science and art are complementary to each other.
Hence, economics is considered as both a science as well as an art..
Is business economics a science or art?
It is an applied science in the sense of a tool of managerial decision-making and forward planning by management.
In other words, business economics is concerned with the application of economic theory to business management.
Macroeconomic factors are at times applied in this analysis..
Is economics is a science or art?
The practical application of scientific techniques is the Art of Economics.
Some economists consider economics as a science and art while few others as science and applied science.
It is considered as newest of science and oldest of arts and the queen of all the social sciences..
Why business economics is an art?
Therefore, economics is considered as science as well as art, i.e. science in terms of its methodology and arts as in application.
Hence, economics is concerned with both theoretical and practical aspects of the economic problems which we encounter in our day to day life._{Sep 12, 2019}.
It's also a highly diverse subject, to the extent that undergraduate economics degrees are available both as a Bachelor of Arts (BA) or a Bachelor of Science (BSc).

' According to Pigou, Marshall etc., economics is also considered as an art. In other way, art is the practical application of knowledge for achieving particular goals. Science gives us principles of any discipline however, art turns all these principles into reality.

Economics is a science since its laws have widespread soundness such as the law of diminishing returns, the law of diminishing marginal utility, the law of demand etc. It is called as a science since its self-remedial nature. It goes on amendments in the dawn of new specifics based on interpretations.

Economics is a study of social science, therefore it is in category of social science. in social science there are two types 1: positive and 2: normative science. positive science means which is true and testable like laws are testable.

Economics is often described as a field that straddles the line between being a science and an art. It is a discipline that seeks to understand and explain the complex workings of the economy, encompassing everything from the behavior of individuals and firms to government policies and international trade.

Hence we can take economics as a science. Now economics as an art: Art is concerned with the application of a scienecetific theory.

Is economics a positive science?

The economists like Prof.
Senior (classical economist) and Prof.
Robbins, Prof.
Freight-men (modern economists) claimed that economics is a positive science.
However, Prof.
Pigou (classical economist).
Prof.
Marshall (neoclassical economist) etc. are of opinion that economics is a normative science.

Is economics a science or an art?

There is a great controversy among the economists regarding the nature of economics, whether the subject ‘economics’ is considered as science or an art.
If it is a science, then either positive science or normative science.
Before we start discussing whether economics is science or not, it becomes necessary to have a clear idea about science.

Is economics a social science?

Despite these arguments, economics shares the combination of qualitative and quantitative elements common to all social sciences.
Economics is generally regarded as a social science, which revolves around the relationships between individuals and societies.

What are the characteristics of Economics?

According to all these economists, ‘economics’ has also several characteristics similar to other science subjects. (i) Economics is also a systematic study of knowledge and facts.
All the theories and facts related with both micro and macro economics are systematically collected, classified and analyzed.

What is Business Economics & why is it important?

Business Economics is also useful for managers of ‘not-for -profit’ organisations such as NGO and Voluntary Organisations

Business Economics may be defined as the use of economic analysis to make business decisions involving the best use of an organisation’s scarce resources

Why is economics a science?

Economics is an art where participants of the economy use their skills and expertise to make the best possible use of the scarce resources available

And various theories and models are drawn to guide them towards achieving the desired outcome

Moreover, in science, everything has an upper or lower limit

Business Economics is an art as it requires the practical application of rules and principle to achieve set objectives.Economics is an art: Art is a discipline that expresses the way things are to be done, so as to achieve the desired end. Economics has various branches like production, distribution, consumption and economics, which provide general rules and laws that are capable of solving different problems of society.

Business economics is science or art

How business economics is an art?

How business economics is science as well as art?

Is business economics a science and art?

Is business economics a science or art?

Is economics is a science or art?