Somtochukwu

Economics is called a science subject because it uses scientific measures to explain observed phenomena and predict the outcome of future events. This scientific method of observation is generally referred to as inductive method. Economics is a body of knowledge arranged in orderly manner and this knowledge is obtained by observing human beings, their behaviours and their social environment.

The facts obtained from this observation are tested in order to arrive at certain laws like: Laws of demand and supply, Law of diminishing returns, Law of marginal utility, etc. These laws have been empirically tested within the society and experimented on the production, distribution and consumption of goods and services.

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