Nature Of Economics 1.Not science but an art:Economics is not only a science but also an art.It is science in its methodology & an art in its application 2.No ethical disassociation- Economics cannot be disassociated from ethics 3.Positive science -Economics is a positive science & not normal science 4.Social science -Economics is a social science but not dealing with individual isolated human beings. 5.No ethical considerations-Economics is morally colorless & doesn't have ethical considerations Scope Of Economics Cost analysis- The various cost concepts help the production process,hence cost analysis form an integral part of the decisions taken by a firm Demand analysis- Demand analysis constitute an important study area in Economics Scarcity of means-Economics problem,which is problem of choice among wantsarises only due to scarcity of means. Consumers & Producers-It relates to interaction between Consumers & Producers.It also explain the price determination in different markets