Economics is regarded as a science because it?

Step 1: Analyze the question The question asks why Economics is classified as a science. The key is to ask what actually makes any subject a science.

Step 2: Explain the concept A subject is called a science because of its method, not because of its tools or its subject matter. The scientific method involves:

• Observing and collecting data
• Forming hypotheses
• Testing them against evidence
• Drawing conclusions and formulating theories or laws

Economics follows this same systematic approach when studying how people make choices about scarce resources. It is a social science, since it deals with human behaviour rather than natural phenomena.

Step 3: Evaluate each option

• A. studies laws that govern human behaviour: This describes what economics studies, but studying "laws" is not what makes something scientific. Many subjects deal with rules or laws, including legal studies, which is not a science. It is also loosely worded.
• B. uses scientific method to explain human behaviour: Correct. Economics collects data, forms hypotheses, tests them, and builds theories (such as the law of demand). Using the scientific method is the defining reason it is called a science.
• C. makes use of controlled experiments: Economics cannot usually run controlled laboratory experiments on whole economies or societies. This is a main difference between social sciences and natural sciences.
• D. makes use of machines: Using machines does not make a subject a science. Machines are tools, not the basis of scientific classification.

Step 4: Answer

Step 5: Exam tip For "Why is X a science?" questions, look for the option mentioning scientific method (observation, hypothesis, testing, conclusion). Be wary of options that mention controlled experiments or machines, since these are common distractors for social sciences like Economics.