Economics deals with human activities the aim of which is to use natural resources to produce goods and direct them toward the satisfaction of human needs and wants. Adam smith called it the science of wealth to meet and satisfy human demands goods are produced and distributed which are ultimately consumed and thus the process of satisfaction of needs, wants and desires continues. There are circumstances in which the demand goes up where as in another set of circumstances it decreases. It is within the scope of economics to study the mechanisms of demand and supply and other factors which influence the relationship between supply and demand. It also seeks to find out how can there be equitable distribution of wealth.
To seek to answer the questions like. Is it possible to remove disparities? What are the economic and social consequences of economic disparities etc.?
Should a country adopt industrialization and cover every phase and corner of a country? Is it preferable to localize the industries at a few selected places?
Rural economics has grown into a complete subject. Rural economics in fact deals with what is also termed agricultural economics. The study of the economics of villages can reveal suggestions to improve the agricultural produce by the use of new techniques and better implements but no economic strategy can be applied without fully understanding and overcoming the opposition of tradition and patently repugnant rural psychology.
Therefore, the achievements of any economic program presuppose a penetration into the psychological attitudes of village life and in this regard, rural sociology comes to the rescue of economics.
The economic activities affect deeply the social life of the villages. The nature and distribution of land holdings, the system of following, the problem of rural indebtedness of small farmers and labor, and inadequate means of livelihood of a majority of villagers particularly landless labor are some of the economic factors, which deeply influence and affect the rural society. In orthodoxy, traditionalism, and opposition of the rural people to any social change without adequate study of these economic factors it is not easy to understand rural society. It is difficult to devise ways and means to bring changes in its structure.
In the field of nature and subject matter, rural sociology and economics are deeply interrelated and interwoven. Whereas rural sociology investigates and studies the economic life and structure of rural society from a social and human viewpoint; when economics investigates the rural society and its structure and functions from the economic viewpoint. Thus there is a difference between the approaches of the two subjects.
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