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Answer :
Economics is the social science that studies the production, distribution, and consumption of goods and services.
What do you mean by production?
Production is the process by which goods and services are created and made available to consumers. It involves the transformation of inputs (raw materials, labor, capital, and information) into outputs (finished goods or services). Production is often divided into two distinct stages: manufacturing and distribution. In manufacturing, raw materials are used to create a finished product. In distribution, the finished product is sold to customers.
Economics examines how individuals, businesses, governments, and nations make choices on allocating resources to satisfy their wants and needs, and tries to determine the resulting impact on society and the economy.
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