Economics is a social science which is the study of society and relationships between people. We study many different aspects of human behaviour within and between markets, organisations and countries.
Economics is both a social science and a branch of applied mathematics. On the social science side, economics:
Uses methods and tools from sociology and psychology to study the behavior of individuals, firms, and governments.
Considers how economic decisions are shaped by factors like culture, history, and institutions.
Analyzes how economic policies affect people's lives, their well-being, and the distribution of wealth and income in a society.
Investigates issues like inequality, poverty, economic growth, and sustainability.
On the applied mathematics side, economics:
Uses mathematical models and statistics to analyze economic data, test theories, and make predictions.
Develops mathematical tools to study market behavior, like supply and demand, and the relationship between different economic variables.
Uses mathematical models to analyze economic policies, like taxes or regulations, and their impact on the economy.
Overall, economics can be considered a social science with a strong mathematical foundation.