GENERAL KNOWLEDGE

Detailed explanation-1: -Economics is regarded as a social science because it uses scientific methods to build theories that can help explain the behaviour of individuals, groups and organisations. Economics attempts to explain economic behaviour, which arises when scarce resources are exchanged.

Detailed explanation-2: -Behavioral economics combines elements of economics and psychology to understand how and why people behave the way they do in the real world. It differs from neoclassical economics, which assumes that most people have well-defined preferences and make well-informed, self-interested decisions based on those preferences.

Detailed explanation-3: -Economics is a social science because it attempts to use the scientific method and apply it to the study of certain aspects of human behaviour, in particular how societies organise themselves to provide for their material wants.