Lesson Notes By Weeks and Term - Senior Secondary 1

Economics as a science, art, or social science subject

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  4. Economics as a science, art, or social science subject

Term: 1st Term

Week: 2

Class: Senior Secondary School 1

Age: 15 years

Duration: 40 minutes of 2 periods each

Date:       

Subject:      Economics

Topic:-       Economics as a science, art or social science subject

SPECIFIC OBJECTIVES: At the end of the lesson, pupils should be able to

  1. Give reasons why economics is a science, art and a social science subject

INSTRUCTIONAL TECHNIQUES: Identification, explanation, questions and answers, demonstration, videos from source

INSTRUCTIONAL MATERIALS: Videos, loud speaker, textbook, pictures

INSTRUCTIONAL PROCEDURES

PERIOD 1-2

PRESENTATION

TEACHER’S ACTIVITY

STUDENT’S ACTIVITY

STEP 1

INTRODUCTION

The teacher reviews the previous lesson on the definitions and meaning of economics

Students pay attention

STEP 2

EXPLANATION

She gives reasons why economics is a science subject

 

Students pay attention and participates

STEP 3

DEMONSTRATION

She also gives reasons why economics is an art and a social science subject

Students pay attention and participate

STEP 4

NOTE TAKING

The teacher writes a summarized note on the board

The students copy the note in their books

 

NOTE

ECONOMICS AS A SCIENCE, ART AND SOCIAL SCIENCE SUBJECT

Economics as a Science

A subject is considered science if:

  1. It is a study of the relationship between cause and effect.
  2. It is capable of measurable and based on facts.
  3. It has its own methodological apparatus.
  4. It should have the ability to forecast.

 

After being analyzed, economics has all the features of science.

  1. Like science, it has a cause and effect relationship between economic phenomena.

    For instance, Law of demand explains the cause and effect relationship between price and quantity demanded a commodity.
  2. Similarly, the outcomes are measurable in terms of money.
  3. It has its own methodology of study (induction and deduction).
  4. It forecasts the future market condition with the help of various statistical and non-statistical tools.

Thus, a majority of economic laws are of this type and therefore, economics as a science

 

Economics as an Art

Art is a branch of study that deals with expressing or applying the creative skills and imagination of humans to perform a certain activity.

Similarly, economics also requires human imagination for the practical application of scientific laws, principles, and theories to perform a particular activity.

Art is a system of rules for the achievement of a given end. We know that in practice, economics is used for achieving a variety of goals.

Every individual economic unit has an economic goal to achieve. It decides its course of action by keeping in mind the end to be achieved and the situation faced by it. Therefore, economic laws are widely used and relied upon at all levels of our economic activities. And that makes economics an art.

 

Economics is an art:

  1. Art tells us how to do the thing i.e. to achieve an objective. Economics is also used for achieving a variety of goals e.g. All policies etc made in economics has the ultimate objective of solving economic problems.
  2. Art is the practical application of theoretical knowledge Like Art, Economics also practices its theoretical laws e.g. The various policies are made only after having theoretical knowledge of the society and country as a whole. Hence, economics is also an art.

 

Economics as a social science

Economics is also considered as social science as it deals with studying the behaviour of human beings and their relationships in society. This is because of the exchange of goods takes place within the society and among different societies to satisfy the needs and wants of people.

Economics is a social science:

  1. Economists develop models, or theories, which are simplified representations of the real world.
  2. Models help economists to understand, explain, and predict real-world economic phenomena.
  3. Like other social scientists, economists usually do not perform laboratory experiments. They typically examine what has already occurred in order to test their theories.
  4. Economic theories, like all scientific theories, are simplifications—and hence are “unrealistic.”
  5. Economists, as do all scientists, employ assumptions. One important economic assumption is “all other things being equal.”
  6. Models are evaluated on their ability to predict and not on the realism of assumptions.
  7. Economic models relate to behavior, not thought processes.

 

EVALUATION:    1. Give two reasons each why Economics is a/an

  1. Science subject
  2. Art subject
  3. Social science

CLASSWORK: As in evaluation

CONCLUSION: The teacher commends the students positively