What is Economics

Answer 1

Economics is the social science that studies the production, distribution, and consumption of goods and services. It is concerned with how individuals, businesses, governments, and societies make choices to allocate resources to satisfy their needs and wants. Economics examines the behavior and interactions of markets, economies, and economic agents such as consumers, producers, and governments. It considers factors such as scarcity, cost, prices, incentives, and efficiency in analyzing economic systems and decision-making processes. Economics also incorporates various theories, models, and quantitative methods to understand and predict economic phenomena.