Economics is a social science which studies how

Economics is a social science that studies how scarce resources are allocated to satisfy human wants. It focuses on understanding how people make decisions to allocate resources, such as time, money, and labor, to achieve their desired outcomes. Economics also examines how markets operate and how the interactions between buyers and sellers affect the prices of goods and services. In addition, it analyzes the role of governments and other institutions in regulating and influencing economic activity. The ultimate goal of economics is to improve the well-being of individuals and societies by promoting efficient and effective allocation of resources.