Economics as a Science, Art or Social Science; Career Prospects in Studying Economics Lesson Note
This SS1 Economics lesson note covers Economics as a Science, Art or Social Science; Career Prospects in Studying Economics for First Term, Week 2.
Learning Objectives
- By the end of the lesson students should be able to
- 1. Define economics as a science, art and social science.
- 2. Explain the scientific features of economics.
- 3. Explain why economics is regarded as an art.
- 4. Discuss why economics is classified as a social science.
- 5. Identify and explain career prospects available to students who study economics
Lesson Note
A. Economics as a Science
Economics is regarded as a science because it adopts the scientific method which involves
i. observation
ii. formulation of hypothesis
iii. collection of data
iv. organizing or analyzing the data
v. formulating laws
vi. testing the law
vii. prediction on the basis of the law
B. features of economics as a science:
1. It uses systematic methods of investigation.
2. It relies on observation, data collection and analysis.
3. It formulates and tests economic theories and hypotheses.
4. It uses models, statistics, graphs and mathematical tools.
5. It attempts to establish relationships between economic variables.
6. Its findings can assist in explaining and predicting economic behaviour, although economic predictions are not always exact because human behaviour can change.
C. Economics as an Art
Economics is also regarded as an art because it involves the practical application of economic knowledge and principles to solve real-life economic problems. Economic knowledge is applied in decision-making by households, businesses and governments
Examples of economics as an art:
1. A government applying economic principles when preparing a budget.
2. A business using demand information to determine pricing and production decisions.
3. A household applying budgeting principles to allocate limited income.
4. A policymaker using economic analysis to address unemployment, inflation or poverty.
D. Economics as a Social Science
Economics is classified as a social science because it studies human beings and their behavior
For example, if the price of a commodity rises, people will buy less while if the price of such commodity decreases people will buy more
E. Career Prospects in Studying Economics
Career opportunities may include:
1. Economist: Analyses economic issues, policies, markets and economic data.
2. Economic/Policy Analyst: Studies economic information and helps organisations or governments make informed decisions.
3. Banker: Works in banking operations, credit, investment, risk management or financial services.
4. Financial Analyst: Examines financial information and supports investment and business decisions.
5. Accountant: interprets financial records, often with further professional accounting training
6 Teacher/Lecturer: Teaches economics and related subjects at schools or higher institutions, subject to appropriate qualifications.
Evaluation
OBJECTIVES QUESTIONS
1. Economics is regarded as a social science because it studies ______.
A. plants and animals
B. human behaviour and economic activities
C. chemical reactions
D. weather conditions
2. Economics is a science because it involves ______.
A. systematic collection and analysis of data
B. drawing pictures only
C. storytelling
D. guessing economic outcome
3. Economics can be regarded as an art because it involves ______.
A. practical application of economic knowledge
B. studying only physical objects
C. memorising economic terms
D. conducting chemical experiment
4. Which of the following best describes economics?
A. A natural science only
B. A social science that studies the allocation of scarce resources
C. An art that deals with painting
D. A biological scie
5. One major career opportunity available to a person who studies economics is ______.
A. economist
B. medical doctor
C. pharmacist
D. laboratory scientis
6. An economics graduate can work as a ______ in a financial institution.
A. banker
B. surgeon
C. architect
D. pilot
7. Which of the following is a career prospect in economics?
A. Economic analyst
B. Dentist
C. Veterinary surgeon
D. Geologist
8. A person who studies economics can work in government as a ______.
A. policy analyst
B. fashion designer
C. mechanic
D. Church goer
9. Which of the following institutions can employ people with economics qualifications?
A. Banks and financial institutions
B. Hospitals only
C. Construction sites only
D. Farms only
10. Which of the following is NOT a common career prospect for an economics graduate?
A. Economist
B. Financial analyst
C. Economic consultant
D. Medical surgeon
Theory Questions
1a. What is economics?
1b. Give four reasons why economics is regarded as a science.
1c. Mention five career prospects available to a person who studies economics.
2a. Explain two ways in which economics can be regarded as an art.
2b. Why is economics classified as a social science?
2c. Distinguish between economics as a science and economics as an art.