what is economics?
The basic concern of economics is to allocate the scarce resources to the best possible use in the face of unlimited wants. It can be said that economics is a study of mechanism that an economy or a society uses to make choices and to allocate the scarce resources to the fields with maximum possible and optimum returns.
Economics is a branch of social science which primarily focuses on various ways of maximising satisfaction, enhancing welfare both at individual and society level. It also provides us the framework to take various decisions rationally and logically in the face of unlimited wants and limited endowment of resources.
Also this topic has been covered in our study material. You can find it at the below mentioned link.