What makes Economics a science?

Economics is regarded as a social science because it uses scientific methods to build theories that can help explain
the behaviour of individuals, groups and organisations. Economics attempts to explain economic behaviour, which
arises when scarce resources are exchanged

How helpful this field to you as a student?

It develops critical-thinking and problem-solving skills to make good decisions . It develops analytical skills to
examine data to support good decisions. These skills are desired across careers in the public and private sectors.

Economics
 allocation of scarce resources to satisfy unlimited human wants
 Soicial science studying choices, individuals, businesses, governments, and entire societies make due to
scarcity and the incentives influencing these choices.
 Economic questions arises because we want more than we can get .

A. Microeconomics
- Study of individuals, business, and the choices made by them
- The effects of these choices on market and government
Market, Consumers, Prices, Demand and Supply
B. Macroeconomics
- Study of the national and global economies and their performances
Economy as a whole, Investments, Exports , Imports , etc

Ethics, on the other hand, is the broader philosophical study of moral principles and the systematic analysis of ethical
concepts and theories. It explores the nature of morality, ethical reasoning, and the application of ethical principles to various
situations.
Nature:
Morality is subjective and personal, varying from individual to individual and influenced by cultural, religious, and societal
factors. It is often shaped by personal beliefs, upbringing, and experiences.
Ethics is more objective and systematic, aiming to develop a rational and consistent framework for evaluating moral choices.
Ethical theories and principles are subject to philosophical analysis and critical evaluation.
Source:
The source of morality can be attributed to various factors, including cultural traditions, religious teachings, family values, and
personal experiences. It may also involve introspection and individual reflection on what one perceives as right or wrong.
The source of ethics lies in the study and analysis of moral principles and concepts. Ethical theories and frameworks are
developed through philosophical inquiry and critical thinking.
Focus:

Moral Experience:
 An experience of moral value such that one’s moral consciousness comes to work as one is called to make a moral
response
 Experience is a generic term in the sense that whatever a reflects a person can be called an ‘experience’. It can be an
emotion like love or hatred. It can be active or passive like love for a friend or love of a friend. One can speak of one’s
progress in studies as ‘knowledge experience.’ Any experience leaves behind an impression or memory. Such impressions
or memories cumulatively add up to one’s experience. The totality of such experiences contributes to the formation of a
human personality.
 Moral experience refers to the subjective and personal encounter individuals have with ethical dilemmas and moral
situations. It involves the emotional, cognitive, and intuitive responses to moral challenges and influences how individuals
perceive, interpret, and respond to moral issues.

Key Features
 Moral Consciousness:
Moral consciousness refers to the awareness and recognition of ethical principles, values, and considerations in one's
thoughts, judgments, and decision-making. It involves being conscious of the moral dimensions of various situations and
the implications of one's actions on others. Moral consciousness allows individuals to consider the ethical implications of
their choices and behave in a manner that aligns with their moral beliefs and principles.
 Moral Values:
Moral values are the fundamental principles or beliefs that guide an individual's ethical behavior and judgments. These
values influence the perception of right and wrong, good and bad, and just and unjust actions. Common moral values
include honesty, compassion, fairness, respect, integrity, and empathy. Moral values serve as the foundation for ethical
decision-making and behavior, helping individuals navigate moral dilemmas and make morally sound choices.
 Moral Definitions:
Moral definitions are the concepts and terms used to describe and understand ethical principles and values. These
definitions provide a framework for discussing and analyzing moral issues and dilemmas. For example, defining terms like
"justice," "virtue," "duty," and "consequentialism" helps individuals understand different ethical theories and perspectives.
 Continuous Process:
Ethical development and engagement in moral behavior are seen as a continuous process. Moral consciousness and
understanding evolve over time through experiences, learning, and reflection. Individuals continuously refine their moral
values and judgments as they encounter new situations and engage in ethical decision-making. It is an ongoing journey of
moral growth and self-awareness.
 Moral Ideal:
A moral ideal represents an aspirational vision of ethical excellence and virtuous conduct. It is an idealized standard that
individuals strive to embody in their actions and character. The moral ideal reflects the highest moral values and principles
one aims to uphold, even if achieving it may be challenging. The pursuit of the moral ideal serves as a guiding force for
ethical behavior and personal development.
 Action-Oriented:
Being morally conscious and valuing ethical principles is not just theoretical; it is action-oriented. Moral consciousness
should translate into ethical behavior and responsible decision-making. Individuals with strong moral consciousness
actively engage in making choices that align with their moral values, taking into account the impact of their actions on
others and society.