Economics is regarded as a science because?

Step 1: Analyze the question The question asks why Economics is classified as a science. The key word is "science", which refers to a body of knowledge built using a systematic method of study.

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

• Observing facts
• Forming hypotheses
• Testing them against data
• Drawing conclusions and making generalisations (laws or theories)

Economics follows this process. For example, the law of demand is a hypothesis about price and quantity that is tested with market data. This is why Economics is classed as a social science.

Step 3: Evaluate the options

• A. Its issues can be easily verified by reference to facts. This is only partly true. Economic issues are often hard to verify because human behaviour is unpredictable and economists cannot run controlled laboratory experiments. It also describes a result, not the reason for being a science.
• B. It adopts scientific methods in making its analysis. Correct. Economics uses observation, hypothesis, data collection, testing, and the formulation of theories.
• C. Its issues are relevant for national development. Relevance has nothing to do with being a science.
• D. Its subject matter studies human behaviour. This explains why it is a social science, but studying human behaviour does not by itself make something a science.

Step 4: Answer

Tip: In "Why is X a science?" questions, look for the option that mentions method (scientific method, systematic analysis, hypothesis testing). Options about usefulness or subject matter are usually distractors.