Economics is a social science that studies how individuals, businesses, and governments allocate resources to satisfy their needs and wants. It examines the production, distribution, and consumption of goods and services, as well as the factors that influence economic behavior, such as supply and demand, pricing, and incentives. Economists analyze data and trends to provide insights into various economic issues, such as unemployment, inflation, economic growth, and public policy. By studying economics, researchers can gain a better understanding of how economies function and make informed decisions to improve overall well-being and prosperity.