There exist a close relationship of economics with Statistics, Sociology and Political Science these are given bellow.
Statistics:
Economics can be defined as the study in which the tools of economic theory, statistical inference and mathematics are systematically applied, using observed data, to the analysis of economic laws. It is therefore concerned with the "empirical determination of economic laws. Economic theories are written in mathematical form and are then analyzed using statistical methods. If the observed data are found to be incompatible with the predictions of the theory, it is rejected. Theories are accepted if the data are found to fit the theory."Econometrics is a branch of economics that applies statistical methods to the empirical study of economic theories and relationships. It is as a form of mathematical economics. Economists base most theories and policies on statistics stats are a vital part of economics. Economics study trends and patterns based on stats used in economics: mean f tests, t tests, and regressions, confidence intervals stats are used to measure growth rates, inflation, and any relationship between two variables (regressions)
Sociology:
Sociology and Economics as social sciences have close relations. Relationship between the two is so close that one is often treated as the branch of the other, because society is greatly influenced by economic factors, and economic processes are largely determined by the environment of the society. Economics deals with the economic activities of man. It deals with production, consumption and distribution of wealth. The economic factors play a vital role in the very aspect of our social life. Total development of individual depends very much on economic factors. Without economic conditions, the study of society is quite impossible. All the social problems are directly connected with the economic conditions of the people.
In the same way Economics is influenced by Sociology. Without the social background the study of Economics is quite impossible. Sociologists have contributed to the study of different aspects of economic organization. Property system, division of labour, occupations etc. are provided by a sociologist to an economist.
Political Science:
The link between economics and political science is economic policy. These are rules, or regulation, or policies that politicians make concerning the economy. Economic policy is a vast area that range from minimum wage to taxation to banking regulations. They have both political and economic consequences. A large portion of politics is about how government can influence the economy. The study of these economic effects relate to political science.
Statistics:
Economics can be defined as the study in which the tools of economic theory, statistical inference and mathematics are systematically applied, using observed data, to the analysis of economic laws. It is therefore concerned with the "empirical determination of economic laws. Economic theories are written in mathematical form and are then analyzed using statistical methods. If the observed data are found to be incompatible with the predictions of the theory, it is rejected. Theories are accepted if the data are found to fit the theory."Econometrics is a branch of economics that applies statistical methods to the empirical study of economic theories and relationships. It is as a form of mathematical economics. Economists base most theories and policies on statistics stats are a vital part of economics. Economics study trends and patterns based on stats used in economics: mean f tests, t tests, and regressions, confidence intervals stats are used to measure growth rates, inflation, and any relationship between two variables (regressions)
Sociology:
Sociology and Economics as social sciences have close relations. Relationship between the two is so close that one is often treated as the branch of the other, because society is greatly influenced by economic factors, and economic processes are largely determined by the environment of the society. Economics deals with the economic activities of man. It deals with production, consumption and distribution of wealth. The economic factors play a vital role in the very aspect of our social life. Total development of individual depends very much on economic factors. Without economic conditions, the study of society is quite impossible. All the social problems are directly connected with the economic conditions of the people.
In the same way Economics is influenced by Sociology. Without the social background the study of Economics is quite impossible. Sociologists have contributed to the study of different aspects of economic organization. Property system, division of labour, occupations etc. are provided by a sociologist to an economist.
Political Science:
The link between economics and political science is economic policy. These are rules, or regulation, or policies that politicians make concerning the economy. Economic policy is a vast area that range from minimum wage to taxation to banking regulations. They have both political and economic consequences. A large portion of politics is about how government can influence the economy. The study of these economic effects relate to political science.
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