Explain in detail the nature and scope of economies?

Nature of economies:

By nature of economies, we mean the behaviors of economies i.e. to whom we are concerned with in economies in economic we studied mankind and his economic behavior. We studied that behavior of mankind concerned with un-limited wants and limited resource. As mankind is a social animal, so there is no uniformity in the economic behavior of mankind. Those laws and principle which we studied in economics, does not provide us exact and accurate results. There is lack of definiteness and exactness in the laws of economics.

Scope of economics:

By scope of a subject, we mean the length and boundaries of a subject. I.e. from where a subject starts, where it ends. What we studied in it and what we do not. So from scope of economics. In other word from scope of economics we mean to know that what we studied in economics and what we do not, from where it starts and where it ends. In order to know the scope of economics one must have the answer of these questions.

The questions are:

                    

                                i.            Subject matters of economics.

                              ii.            Is economics studied individual 

                            action or social action of mankind.

                            iii.            In economics a science or an Art.

i.                        Subject matter economies:

Subject matter mean all those principles and activities studied in a subject is called its subject matter. Every subject has its own subject matter. E.g. what we studied in biology. We do not studied them in political science. In the same manner the subject matter of economics is different from other subjects. The subject matter economics is to studied all those activities which are concerned with un-limited wants and limited resources.

ii.                        Is economics studied individual or social action of mankind:

In economics we studied the social behavior of mankind not the individual. We have no concerned that how a particular individual can satisfied his un-limited wants from limited resource we studied that how the society as a whole can satisfied their un-limited wants from limited resources. This is because, if we face on the behavior of individual, then it will be different for us to formulate economics laws, because individual study sometime provides incorrect results.

iii.                        In economics a science or an Art:

Economics is a science as well as an art. Because for the solution of any economic problem, fire we find out its reasons and causes then give suggestion for overcoming economic problems economics at that time become an a science. After finding cause and suggestion, we practically art on the suggestion economics at that become an art so we can conclude that economics is a science as well as an art.