GENERAL KNOWLEDGE

Detailed explanation-1: -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.

Detailed explanation-2: -Little-picture microeconomics is concerned with how supply and demand interact in individual markets for goods and services. In macroeconomics, the subject is typically a nation-how all markets interact to generate big phenomena that economists call aggregate variables.

Detailed explanation-3: -Economics is divided into two categories: microeconomics and macroeconomics. Microeconomics is the study of individuals and business decisions, while macroeconomics looks at the decisions of countries and governments.

Detailed explanation-4: -Hence, Economics is a science like any other science that has its own generalisations, theories or laws which traces out a casual relationship between two or more phenomenas. Economics as an Art. The practical application of scientific techniques is the Art of Economics.

Detailed explanation-5: -Economics is generally regarded as a social science, which revolves around the relationships between individuals and societies.