Q.(a) Elaborate the nature and scope of Economics.
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Start your 14-day free trial to unlock the full solution →(a) Economics is both a positive and a normative social science; its scope spans consumption, production, exchange and distribution, and its two branches are micro- and macro-economics. (b) Tamil Nadu's public transport system runs on State road transport corporations (TNSTC, SETC), Chennai's MTC, the Chennai Metro Rail and MRTS, and the railway network.
(a) Nature and Scope of Economics
Nature — Is Economics a science or an art?
- Economics as a science. Like a science, it studies cause-and-effect relationships, forms laws (e.g., the law of demand), and can be studied systematically. It is a social science because it deals with human behaviour. It has both a positive side (what is — statements that can be verified with facts) and a normative side (what ought to be — value judgements about policy).
- Economics as an art. An art is the practical application of knowledge. Economics guides real problems — controlling inflation, reducing poverty and unemployment — so it is an art too.
- Conclusion: Economics is both a science and an art, and both a positive and a normative social science.
Scope — Subject matter of Economics.
- Consumption — satisfaction of human wants (utility, demand).
- Production — creation of goods and services (factors of production).
- Exchange — buying and selling, markets and price.
- Distribution — sharing of national income among the factors as rent, wages, interest and profit.
- Public finance / economic welfare in the broader treatment.
Economics is broadly divided into Micro-economics (individual units — a consumer, a firm, a market) and Macro-economics (the economy as a whole — national income, employment, general price level).
(b) Public Transport System in Tamil Nadu
Tamil Nadu has one of the most developed public transport networks in India, providing affordable mass mobility for people and goods.
- State road transport corporations. The Tamil Nadu State Transport Corporation (TNSTC) operates town and mofussil bus services across districts, while the State Express Transport Corporation (SETC) runs long-distance and inter-city express services. These State-owned buses are the backbone of public transport and reach even remote rural areas.
- City bus service. The Metropolitan Transport Corporation (MTC) provides extensive city bus services within Chennai and its suburbs. …
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